Gemino Healthcare Finance Provides New Beginnings Revolver
Gemino Healthcare Finance announced it provided an $8 million secured revolving line of credit to New Beginnings Care. The proceeds are being used for working capital purposes.
“The changing face of long-term and post-acute care requires that we face the need to treat an increasingly clinically complex population,” said Trent Tolbert, chief acquisitions officer of New Beginnings. “We are very excited about our new partnership with Gemino which will allow us to positively enhance the lives of the residents we serve and better serve each community. We look forward to a long-standing relationship with Gemino that not only allows but also promotes excellence in long-term care.”
Gil Brindley, managing director for Gemino, said, “We were immediately impressed by Trent and his team at New Beginnings, and recognize that our credit facility will help facilitate their future growth. This transaction marks Gemino’s first closing since being acquired by Solar Senior Capital a short time ago, and we find that our new client is appropriately named New Beginnings.”
Chattanooga, TN-headquartered New Beginnings Care is a management company that oversees the operations of 14 skilled nursing facilities in four states.