The Washington Post Company (NYSE:WPO) announced in early October its intention to acquire a majority interest in Celtic Healthcare, Inc., a skilled home health care and hospice services provider in the northeastern and mid-Atlantic regions, for an undisclosed price.
The Celtic’s founder and CEO, Arnie Burchianti, will continue to run the business as CEO and co-owner.
“Our acquisition of Celtic Healthcare is part of the Post Company’s ongoing strategy of investing in companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon,” said Donald E. Graham, chairman and CEO of The Washington Post Company. “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.”
The acquisition by WPO positions Celtic Healthcare for continued growth, said Burchianti in a statement.
Edge Healthcare Partners, LLC is serving as Celtic’s financial advisor.
Written by Alyssa Gerace