F.N.B. Capital Corporation Exits Celtic Healthcare, Inc.
Pittsburgh, PA – November 9, 2012 – F.N.B. Capital Corporation, LLC, the Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation (NYSE : FNB), today announced the successful exit from Celtic Healthcare, Inc., based in Mars, PA. F.N.B. Capital harvested the investment as the result of The Washington Post Company’s (NYSE: WPO) acquisition of a majority interest in Celtic Healthcare, Inc. Arnie Burchianti, Celtic’s founder and CEO, will continue to run the business as CEO and co-owner.
In December 2010, F.N.B. Capital Corporation, LLC, provided $5.0MM in growth capital to Celtic Healthcare, Inc. 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. This acquisition expanded Celtic’s geographic presence in Eastern Pennsylvania and enhanced the hospice services provided throughout Celtic’s operating footprint.
About Celtic Healthcare, Inc.
Celtic Healthcare is a multi-state provider of Medicare-certified home healthcare and hospice services. Founded in Mars, PA, by Arnie Burchianti, a practicing physical therapist, Celtic’s service area now spans throughout western, central and northeastern Pennsylvania, and Montgomery and Baltimore counties in Maryland. Celtic Healthcare has earned national recognition for its proprietary technology and specialized chronic disease management programs utilizing virtual and telehealth technologies. Celtic also has received numerous awards including Best Places to Work, Fastest Growing Company, Homecare Marketing and Homecare Elite Status.