[Updated 4:08 p.m.] Edina, Minn.-based Recover Health, a home healthcare services provider, has been sold. The parties, thus far, are not saying who bought it. About all we know is that Gemino Healthcare Finance is lending money to support the whole transaction. Background: In 2007, Nashville's Clayton Associates was named among VCs who joined to create Philadelphia-based Gemino, which was launched with a total $290MM in debt and equity. At that time, Gemino's core investor group reportedly included Atlanta- and Washington D.C.-based EDG Partners LLC, and Laminar Direct Capital, L.P., a member of the D.E. Shaw group, New York. Co-investors included, in addition to Clayton, West LB, BH1 Investments and Fulcrum Ventures. The Gemino specialty fund provides senior loans to healthcare-services providers, with financing typically $500K to $10MM or more, in the form of revolving lines of credit, secured term loans, unsecured term loans and real-estate financing. Today, Gemino announced new lending to Recover Health. Gemino provided a $3MM revolver and a $1.5MM term loan. A Gemino spokesman told VNC this afternoon that he is not at liberty to disclose which company acquired Recover (the acquirer was not among companies named in the release). The spokesman said the acquirer is neither an institutional nor strategic investor, in the traditional sense.
Thursday, July 09, 2009
[Updated] Clayton-allied Gemino lends capital to Recover Health
[Updated 4:08 p.m.] Edina, Minn.-based Recover Health, a home healthcare services provider, has been sold. The parties, thus far, are not saying who bought it. About all we know is that Gemino Healthcare Finance is lending money to support the whole transaction. Background: In 2007, Nashville's Clayton Associates was named among VCs who joined to create Philadelphia-based Gemino, which was launched with a total $290MM in debt and equity. At that time, Gemino's core investor group reportedly included Atlanta- and Washington D.C.-based EDG Partners LLC, and Laminar Direct Capital, L.P., a member of the D.E. Shaw group, New York. Co-investors included, in addition to Clayton, West LB, BH1 Investments and Fulcrum Ventures. The Gemino specialty fund provides senior loans to healthcare-services providers, with financing typically $500K to $10MM or more, in the form of revolving lines of credit, secured term loans, unsecured term loans and real-estate financing. Today, Gemino announced new lending to Recover Health. Gemino provided a $3MM revolver and a $1.5MM term loan. A Gemino spokesman told VNC this afternoon that he is not at liberty to disclose which company acquired Recover (the acquirer was not among companies named in the release). The spokesman said the acquirer is neither an institutional nor strategic investor, in the traditional sense.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment