F.N.B. Capital Corporation Exits Celtic Healthcare

F.N.B. Capital Corporation Exits Celtic Healthcare

F.N.B. Capital Corporation has exited its investment in Celtic Healthcare, a home healthcare and hospice services, through the sale of the business to The Washington Post Company.

Edge Healthcare Partners served as the exclusive financial advisor to Celtic Healthcare on this transaction.

Celtic Healthcare is a multi-state provider of Medicare-certified home healthcare and hospice services throughout western, central and northeastern Pennsylvania, and Montgomery and Baltimore counties in Maryland.  The company is based in Mars, PA (www.celtichealthcare.com).

In December 2010, F.N.B. Capital provided $5 million in growth capital to Celtic Healthcare and obtained a seat on Celtic’s Advisory Board.  The cash infusion provided by F.N.B. Capital Corporation was used to complete Celtic’s acquisition of Hospice Community Care in Scranton, PA.

Arnie Burchianti, Celtic’s founder and CEO, will continue to run the business as CEO and co-owner.  “This investment from The Washington Post Company is a landmark event for our company. It positions Celtic for continued growth by combining our strong leadership, technology and expertise in delivering patient-centered care with the financial resources, long-term investment commitment and corporate values of The Washington Post Company. Celtic’s management team and I view this as an excellent opportunity for our company, employees and, most importantly, the patients we have the privilege of serving on a daily basis,” said Mr. Burchianti.

The Washington Post Company (NYSE:WPO) is a diversified education and media company. The company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States, including programs to prepare students for careers in healthcare and many other fields. Its media operations include cable television systems, newspaper publishing (principally The Washington Post) and television broadcasting (through the ownership and operation of six television broadcast stations). The Washington Post Company is based in Washington, DC (www.washpostco.com).

“Our acquisition of Celtic Healthcare is part of our ongoing strategy of investing in companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon. It also fits with our decentralized operating philosophy. We are a diverse group of businesses sharing common goals and values but each with its own identity and workplace culture, and with management responsible for its operations,” said Donald Graham, chairman and chief executive.

F.N.B. Capital Corporation specializes in providing subordinated debt, private equity, and other types of financial capital to small and medium sized commercial enterprises, focusing on recapitalizations, buyouts, generational transitions, mergers and acquisitions, and other growth capital needs. The company is based in Pittsburgh (www.fnbcapital.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-12-12

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