Solar Senior Capital Acquires Gemino Healthcare
Gemino Healthcare Finance ("Gemino") today announced it has been acquired by Solar Senior Capital Ltd. (NASDAQ: SUNS) ("Solar Senior Capital"). Over the last seven years, Philadelphia-based Gemino has earned a strong reputation in the market as a provider of asset-based and term financing solutions for small to mid-size healthcare companies.
"This acquisition provides Gemino with permanent capital from a strong public company that, together with its affiliate Solar Capital Ltd., has approximately $1.2 billion in combined market capitalization," says Gemino Chief Executive Officer and President Tom Schneider. "This will strengthen our ability to meet the growing needs of our clients and prospects. We are excited to begin this next phase with such a reputable company."
As the country's notion of universal healthcare evolves in real-time, healthcare providers poise themselves for the influx of insured patients and the need for growth. Gemino's financial products for those providers include revolving lines of credit secured by accounts receivable used to support working capital needs, as well as senior secured term loans used primarily to fund acquisitions, debt restructurings and growth.
Gemino will retain its name and operate independently. Its senior management team, which co-invested alongside