Daily News: April 26, 2012

Gemino Healthcare Finance Provides $7MM to Anka Behavioral Health

Gemino Healthcare Finance announced it has provided a $7 million revolving line of credit to Anka Behavioral Health, Inc. The proceeds are being used to pay off existing debt and provide additional growth capital.

Since 1973, Anka Behavioral Health, Inc. has provided comprehensive rehabilitation services to some of California’s most vulnerable populations. What began as a small organization serving children with disabilities has expanded into a large, multi-site agency, serving individuals of all ages. While the company’s roots are still in California, its mission now embraces a broader spectrum of behavioral health problems from both a program and geographical perspective. With almost 1,000 employees and more than seventy locations throughout multiple states, Anka is recognized in the healthcare industry as a premier provider of behavioral rehabilitation services.

Chris Withrow, Anka Behavioral Health Inc.’s president and CEO commented: “In order to continue the strong growth of our business, Anka has added a new revolving line of credit from Gemino Healthcare Financing that provides additional flexibility in managing our cash requirements as we continue to grow our business. We selected Gemino due to their strong track record for understanding and supporting industry leaders of fast-growing businesses.”

“We are proud to add Anka to our portfolio given its strong performance and stable growth,” said, Joe Kernan, director for Gemino Healthcare Finance. “Anka’s impressive management team and dedication to providing behavioral healthcare services, presented an excellent lending opportunity for us. We feel this new partnership also demonstrates Gemino’s continued commitment to both the behavioral healthcare industry and the State of California.”

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.