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.
Since its inception in November 2005, F.N.B. Capital Corporation has completed 19 transactions across 16 different companies.
For more information on F.N.B. Capital Corporation, visit www.fnbcapital.com.
For more information on Celtic Healthcare, Inc., visit www.celtichealthcare.com.
About F.N.B. Capital Corporation, LLC
F.N.B. Capital Corporation, LLC is headquartered in Pittsburgh, PA. A subsidiary of F.N.B. Corporation, it 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.
About F.N.B. Corporation
F.N.B. Corporation, headquartered in Hermitage, PA, is a diversified financial services company with total assets of $12.0 billion as of September 30, 2012. F.N.B. Corporation is a leading provider of commercial and retail banking, leasing, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, Regency Finance Company and F.N.B. Commercial Leasing. It also operates consumer finance offices in Tennessee and loan production offices in Pennsylvania and Florida.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB". Investor information is available on F.N.B. Corporation's Web site at www.fnbcorporation.com.
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.
About The Washington Post Company
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).