TCF Capital Funding has provided financing to support Gemini Investors and Plenary Partners in a dividend recapitalization of Always Best Care, a franchisor of in-home care and assisted living placement services. Gemini and Plenary acquired Always Best Care with backing from TCF in April 2016.
Always Best Care is a franchisor specializing in senior care. The company’s franchisee network provides both non-medical assistive living services and skilled nursing to seniors through locally owned and operated offices around the country. Always Best Care was founded in 1996 and is headquartered near Sacramento in Roseville, CA (www.alwaysbestcare.com).
“We are excited about this opportunity to provide senior financing for the recapitalization of Always Best Care. CEO Jake Brown, Gemini Investors and Plenary Partners have consistently outperformed expectations since the initial closing in April of 2016. The company is well positioned for continued success,” said Nick O’Brien, TCF Capital Funding Assistant Vice President.
TCF provides cash flow and asset-based lending to lower middle-market businesses. National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. The firm is based in Chicago (www.tcfcapitalfunding.com).
Gemini Investors makes equity investments of $3 million to $8 million in companies with revenues of $5 million to $50 million and EBITDAs of at least $1 million. Sectors of interest include consumer products and services, waste and recycling, later stage technology, distribution, business services, education, healthcare, and manufacturing. Gemini Investors was founded in 1993 and is based in Wellesley, MA (www.gemini-investors.com).
Plenary Partners invests in lower middle market companies that have annual cash flows of $2 million to $10 million. Sectors of interest include healthcare, technology, manufacturing and services. The firm has offices in Chicago and San Francisco (www.plenarypartners.com).
© 2017 Private Equity Professional | October 2, 2017
