EDG Partners has sold Gemino Healthcare Finance to Solar Senior Capital. The transaction, with Houlihan Lokey as financial advisor and Jones Day as legal advisor, represents a successful exit for investors and management, who have been retained under the new ownership to continue managing the Gemino platform.
EDG Partners, their affiliates, and co-investors are pleased to announce the sale of Gemino Healthcare Finance, LLC to Solar Senior Capital Ltd (“Solar Senior”). The transaction, with Houlihan Lokey as financial advisor and Jones Day as legal advisor, represents a successful exit for investors and management, who have been retained under the new ownership to continue managing the Gemino platform.
Based in Philadelphia, PA, Gemino is an industry leading, nationwide provider of asset based and term financing solutions for small to mid-size healthcare service providers. Gemino’s primary financing products include revolving lines of credit secured by the borrower’s accounts receivables as well as senior term loans secured by all other assets. As of September 30, 2013, Gemino’s portfolio totaled approximately $162 million of commitments, of which $106 million were funded.
“The current landscape in the healthcare industry presents a sizable opportunity set,” said Tom Schneider, Chief Executive Officer and President of Gemino. “With Solar Senior’s permanent capital base and sponsorship, combined with our new, four-year credit facility, we believe our ability to meet our clients’ financing needs will be enhanced and enable us to expand our business.”
“EDG is proud to have been involved with Gemino both as founding shareholders and as members of the Board,” said Alan Dahl, Co-Founder and Managing Director of EDG Partners. “Tom Schneider and his team have proven to be highly successful, having navigated though the worst financial crisis of our time while creating a quality return for shareholders and management alike. We wish Gemino and Solar Senior continued success and look forward to opportunities to build on those relationships.”
About EDG Partners
EDG Partners is a private equity firm that provides capital, expertise, and relationships to enable small and middle market healthcare companies to achieve their potential. With considerable investment and operating experience, EDG partners with management teams to navigate the critical inflection points that accompany growth. EDG Partners delivers exceptional value by helping to build exceptional companies. For more information, please visit www.edgpartners.com.
SOURCE EDG Partners