A new lender focusing on small healthcare service businesses was launched with $290 million in debt and equity capital. Gemino Healthcare Finance, Philadelphia, plans to offer loans from $500,000 to more than $10 million to providers ranging from hospitals and outpatient centers to medical transportation companies.
Several of the top executives, including Chief Executive Officer Michael Gervais, worked together at Healthcare Business Credit Corp., which was acquired in 2005 by CIT Group. The investor group is led by EDG Partners, Atlanta, which has current investments in two hospice providers, a specialty pharmacy company and a healthcare consulting firm. Other investors include Clayton Associates, Nashville, and Fulcrum Ventures, Atlanta, both of which invest at least some of their funds in healthcare. -- by Vince Galloro