Celtic Healthcare, Inc., Pittsburgh, Pennsylvania

The founder and C.E.O. of this multi-state, comprehensive, Medicare-certified, skilled home healthcare and hospice service organization utilized F.N.B. Capital Corporation to provide the funding necessary to execute a long-term growth strategy and assist in a key acquisition. Celtic Healthcare is based in Mars, Pennsylvania, located north of Pittsburgh.

Actions

• Celtic Healthcare had completed three acquisitions in recent years, and the company was seeking the right capital partner to assist in further acquisitions. 
• Celtic Healthcare partnered with F.N.B. Capital Corporation to continue this growth strategy.  F.N.B. Capital’s cash infusion, in addition to capital provided by a traditional senior lender, was utilized to complete Celtic’s acquisition of Hospice Community Care in Scranton, PA.
• This acquisition expanded Celtic’s presence into eastern PA and increased its hospice patient base.
• F.N.B. Capital’s financing provided an effective injection of acquisition capital to support Celtic’s successful acquisition growth model through the use of a mezzanine loan, in this instance with a four to five year time horizon.  

Results

• Celtic successfully completed the Hospice Community Care acquisition in December of 2010.  
• Celtic now has access to F.N.B. Capital’s strategic, tactical and financial assistance during the continued execution of their organic and acquisition growth strategy.
• Celtic continues to seek additional market growth opportunities where it can deliver high-quality home and hospice care health services.