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
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.
estate “will make a significant
annual distribution to Hoag Hospital Foundation over the course of many years,”
according to the hospital.
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.
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.
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.”
founder and chief executive of Paramount-based Press Forge Co., died in
September 2012 at 61.
said the first $15 million of Carlton’s gift is committed to the hospital’s
Heart & Vascular Institute, which will now carry his name.
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
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
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’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.
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.”
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.
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.
and his wife, Lorraine Carlton, also were among the donors to Hoag’s Sue and
Bill Gross Women’s Pavilion, which opened in 2005.
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.
and Patty Hoag were dear friends and we believe the hospital is an invaluable
resource to our community,” he added.
Father, Like Son
Carlton followed in his father’s professional footsteps when he established
Press Forge in 1978.
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.
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
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.