FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Articles / Read Article

Print

Gemino Healthcare Finance Provides $8MM Financing to Providence Group

Date: May 21, 2014 @ 07:29 AM
Filed Under: Healthcare

Gemino Healthcare Finance (“Gemino”) announced it has provided an $8 million secured revolving line of credit to Providence Group, Inc. The proceeds are being used to pay off existing debt and for working capital purposes. Cascade Partners served as exclusive financial advisor to Providence Group, Inc.

Headquartered in National City, CA, Providence Group, Inc., operates two (2) skilled nursing facilities in the San Diego area; five (5) skilled nursing facilities and two (2) assisted living facilities in Kentucky. Providence Group, Inc. has future plans of expanding their operations in Central California and Utah.

“We are excited about our new banking relationship with Gemino Healthcare Finance — it has been great to work with a lender that understands our business and speaks our healthcare language,” said Mark Hancock, chief financial officer for Providence Group. “Gemino Healthcare Finance has been a critical partner in enabling us to close on our recent transactions and facilitate our growth.”

Gil Brindley, vice president of business development for Gemino, said, “We are thrilled to add another SNF Management company to our growing portfolio. We are seeing plenty of activity in that space, and thankful to have a thoughtful management team like Providence Group as a new client. They have been very active in the last year, and are eager to grow. We look forward to helping them.”

Gemino Healthcare Finance, a portfolio company of Solar Senior Capital Ltd., provides senior loans to healthcare service providers throughout the U.S., with typical financing needs ranging from $2 million to $20 million in the form of revolving lines of credit and term loans.

Cascade Partners, LLC is an investment banking and private investment firm serving entrepreneurs, businesses, and investors active in the middle market. Drawing on the deep management, investment and transaction experience of its principals, Cascade Partners provides the guidance and resources necessary to navigate the complexities of managing growth as well as acquisitions, divestitures and other strategic initiatives. In select situations, Cascade Partners provides mezzanine or equity capital, directly or with its partners, to fund growth financings, acquisitions or change of control transactions involving companies serving the healthcare, business services and the manufacturing industries.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.