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Gemino Healthcare Finance Acquired by Solar Senior Capital

Andrew Bouldin

Leading healthcare lender positioned to expand

PHILADELPHIA, Oct. 7, 2013 /PRNewswire/ -- Gemino Healthcare Finance ("Gemino") today announced it has been acquired by Solar Senior Capital Ltd. (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.

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"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 Solar Senior Capital in the transaction, will continue providing leadership under the direction of Tom Schneider.  Mark O'Brien and Stacy Allen have expanded their roles and have been respectively named executive vice president of business development and underwriting and executive vice president of portfolio management and operations. Gemino's Chief Financial Officer, Mark Roscioli, will continue in his role.

The senior management team has worked together for more than 15 years and was instrumental in launching the company when it was founded in 2007.  "We believe that this transaction will allow us to compete for larger deals, provide more lending capacity to existing clients and also give us access to additional capital providers to expand the products we offer," commented O'Brien.

Since its inception, Gemino has funded approximately $340 million in loan commitments and currently has more than 30 clients and approximately $162 million in outstanding loan commitments.  "Gemino has long exhibited a superior knowledge of and a strong commitment to provide senior secured debt to the healthcare industry," says Michael Gross, chairman and CEO of Solar Senior Capital. "We believe their business complements ours and are confident there will be numerous cross referral opportunities."

Klehr Harrison Harvey Branzburg LLP acted as legal advisors to the Gemino management team.

About Gemino Gemino, headquartered in Philadelphia, 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. Gemino also has offices in Atlanta and Dallas.

About Solar Senior Capital Ltd. Solar Senior Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in leveraged, middle market companies in the form of senior secured loans.