Late LA Entrepreneur Gives $53 Million to Hoag
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Hoag Memorial Hospital Presbyterian has received the largest gift in its 61-year history—a $53 million donation from the estate of a man who made his fortune in metal forging with a shop in southern Los Angeles County.

The Newport Beach-based health system, which has $1 billion in revenue and campuses in Newport Beach and Irvine, said it plans to “use this transformational gift” from Jeffrey M. Carlton’s estate to support various needs, including advanced technology, clinical staff and facilities.

Carlton’s estate “will make a significant annual distribution to Hoag Hospital Foundation over the course of many years,” according to the hospital.

“As we move into a new era of healthcare delivery where we must accomplish more with less, every Hoag patient and our entire community will benefit from Mr. Carlton’s generosity,” said Robert Braithwaite, Hoag’s chief executive.

Carlton’s gift will help finance an “auspicious beginning” to a soon-to-be launched comprehensive campaign with an initial fundraising goal of $500 million by 2020, said Flynn Andrizzi, president of the Hoag Hospital Foundation.

“This is interesting and a little unusual because we did not know about this gift until after his death,” Andrizzi said. “This will do things for Hoag that we couldn’t do through any other type of funding.”

Press Forge Co.

Carlton, founder and chief executive of Paramount-based Press Forge Co., died in September 2012 at 61.

Hoag said the first $15 million of Carlton’s gift is committed to the hospital’s Heart & Vascular Institute, which will now carry his name.

Andrizzi said the initial portion of the gift gives the institute “a lot of flexibility.” Some of that money is earmarked to convert a building that was the original Hoag hospital into a new home for the institute on the Newport Beach campus.

“We’ve been able to put in some of the latest technology,” Andrizzi said. “We’re doing things that no one else is doing in Orange County, such as heart valve replacement without opening up the chest. So it really allows us to add to our technology.”

Hoag was one of a handful of hospitals in the U.S. to get an initial designation as an implant center for Irvine-based Edwards Lifesciences Corp.’s Edwards Sapien less-invasive heart valve after it gained Food and Drug Administration approval in late 2011.

Carlton Family

Jeffrey Carlton’s father, the late Allan J. Carlton, was a longtime supporter and friend of George and Patty Hoag, members of the hospital’s founding family.

“We did not have a relationship with Jeffrey Carlton, but had a great relationship with his father,” Andrizzi said. “We since learned that the reason Hoag was included is because Jeffrey Carlton loved his father and his father loved Hoag—and so we are a beneficiary based on that.”

Allan Carlton served as chairman of Carlton Forge Works, a manufacturer of iron and steel forgings that was founded by his father in 1929 and sold for $850 million to Portland, Ore.-based Precision Castparts Corp. in 2009.

The elder Carlton had also been a member of Hoag’s 552 Club, an organization of community volunteers and donors, and a major sponsor of the Toshiba Senior Classic golf tournament, which raises funds for the hospital.

Allan and his wife, Lorraine Carlton, also were among the donors to Hoag’s Sue and Bill Gross Women’s Pavilion, which opened in 2005.

“We are both very pleased to support the Women’s Pavilion,” Allan Carlton said in an article published in Spanner, the Hoag Hospital Foundation’s magazine.

“George and Patty Hoag were dear friends and we believe the hospital is an invaluable resource to our community,” he added.

Like Father, Like Son

Jeffrey Carlton followed in his father’s professional footsteps when he established Press Forge in 1978.

“From our modest beginnings as a forger of elevator links for oil field use, we have grown to become the largest converter of customer-owned inventory in the country,” according to the company’s website.

Press Forge processes more than 24 million pounds of titanium, steel and “high temp alloys” in billet, bar, slab and shape forgings a year, according to its website.

Mike Buxton, Press Forge’s president, also serves as trustee of Jeffrey Carlton’s trust, which will convert into a foundation.

To view the original Orange County Business Journal​ article, please click here

For more information on the gift, visit Hoag's Press Room​ for the official press release.