Providence Group

Situation

Providence Group, Inc. (“Providence”, or the “Company”), based in Farmington, Utah, operates and manages skilled nursing home and assisted living facilities, as well as home health and hospice agencies across the United States.

As the result of a strategic review of its operations, Providence sought an advisor to assist in an acquisition strategy that would complement their organic growth strategy.

In light of the acquisition strategy, Amherst was engaged to assist with securing financing for their acquisitions.

Solution

Amherst ran a multi-pronged approach to identify and target potential lenders and broader financing partners. Amherst quarterbacked the entire M&A pipeline and financing process.

Results

Amherst created an M&A pipeline which included greater than 10 possible targets in active dialogue. The firm engaged in strategic dialogue with a number of potential lending partners. The Company ultimately secured senior financing from Gemino Healthcare Finance (“Gemino”) and a real estate investment company.

Gemino, based in Philadelphia, Pennsylvania, provides senior loans to healthcare service providers throughout the United States, with typical financing needs ranging from $2 million to $20 million in the form of revolving lines of credit and term loans.
The transaction with Gemino allowed Providence to secure acquisition and working capital financing.

Providence ultimately completed an acquisition of a company located in the State of Kentucky.