Solar Senior Capital announces acquisition of Gemino Healthcare
Solar Senior Capital Ltd announced that it had acquired Gemino Healthcare Finance LLC. This was after the definitive agreement dated September 30, 2013 between the two companies. Solar Senior acquired Gemino Healthcare from affiliates of EDG Partners, Shaw AQ-SP Series 5-01 LLC and other members of Gemino.
Gemino is a commercial finance company that underwrites, originates and manages primarily secured asset-based loans for small and mid-sized companies in the healthcare industry. The senior management team of the company has an average healthcare finance experience of more than 15 years in the industry. The company had more than USD1.3 billion of financing commitments.
The initial investment of Solar Senior in Gemino amounted approximately USD33 million. This was funded from Solar Senior's existing credit facility. The current management team of Gemino Healthcare had committed to lead the company. The team of Gemino management had also co-invested in the transaction.
Gemino entered into a new four year USD100 million credit facility after the close of the transaction.