February 23, 2012
Today, Private Equity at Work added a new video case study featuring new advancements being made at the Detroit Medical Center thanks to private equity. You can watch the video here.
The Detroit Medical Center (DMC) is one of Detroit’s leading healthcare providers and has received national and regional recognition; but not too long ago it was in need of help. Because of difficult financial markets in 2008-2009, DMC was seeking a buyer who would not only uphold DMC’s long-standing tradition of clinical excellence, but also provide the capital necessary to expand and upgrade its facilities. Through a partnership with Blackstone, Vanguard invested $850 million in the DMC, making it one of the largest private investments in Detroit’s history.
As a result of this investment, DMC has been able to afford new technologies and upgrade their facilities, including a new Children’s Hospital Ambulatory Center and Tower and Cardiovascular Center. However, the growth is not limited to the hospital. The 15 new construction projects underway have created 5,000 construction jobs and groundswell of economic activity that is helping to revitalize the city.
Charles N. Martin, Jr., Chairman and CEO of Vanguard Health Systems praised the investment saying, “Private equity had been there when there were not other sources of capital. So it enabled us to do things that no other form of financing available would let us do.” Because of Vanguard and Blackstone’s investment, the DMC anticipates a bright future for their medical system and enhanced medical care for the residents of Detroit.
Click here to view all of the success stories featured on Private Equity at Work.
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