Vanguard Health Systems has had to put almost $28 million into an escrow account after its plan to invest a total of $850 million by 2016 fell behind schedule last year. The company (Ticker: VHS) spent $240 million through the end of 2012 and Vice Chairman Keith Pitts told the Free Press the big plan is still intact.
Things are going pretty well for Vanguard Health Systems in Detroit, where it has been pumping millions into renovating and expanding its Detroit Medical Center network. But big changes are in the offing both internally — CEO Mike Duggan has said he will step down soon — and beyond the company's walls — in the shape of a big merger by two rival systems. Dale Buss at The Detroit News takes a close look at how both dynamics are unfolding.
When Vanguard bought the DMC, it promised a capital spending splurge on facility renovations and improvements through 2021 in a bid not only for more suburban customers, but also as a gamble on the city's comeback.
"It's a bet that, 10 years from now, the population will return and the downtown area will become vibrant again," said Whit Mayo, health facilities securities analyst for Robert W. Baird & Co., which has received investment banking compensation from Vanguard.
Publishing group HarperCollins is continuing with its merger of Thomas Nelson and Michigan-based Christian publishing peer Zondervan. Execs have named Daisy Hutton, who joined Thomas Nelson in Nashville four years ago, to lead a united fiction group.
"We have the opportunity to take Christian fiction to a new level by supporting two strong publishing legacies while at the same time preparing to move into the new digital frontier," said David Moberg SVP & Group Publisher, Harper Collins Christian Publishing. "We intend to maintain separate teams for publishing, editorial and marketing for both Thomas Nelson and Zondervan where it makes sense strategically. However, I have no doubt that our fiction presence will only benefit from Daisy’s leadership."
SEE ALSO: Other Thomas Nelson news since the HarperCollins sale news last Halloween
Michigan Attorney General Bill Schuette has given the nod to Duke LifePoint's proposed acquisition of Marquette General Health System, subject to a few conditions. One of those was adding $8 million to the payments the joint venture will make to a community foundation, a extra spoonful that takes the acquisition's price tag to $483 million, or about 90 percent of 2010 revenues.
SEE ALSO: Duke LifePoint JV inks Michigan deal
A Michigan-based placement and recruiting firm with offices in nine other states has set up shop in Maryland Farms with plans to service employers in the automotive, manufacturing, engineering and logistics sectors. Among the people who have come on board at the Boardroom facility on Maryland Way is Lorie Shauntée, who spent 11 years on the business development team at the Tennessee Department of Economic and Community Development. Said President and founding principal Larry Malace:
"With our extensive expertise in this arena, we believe that we can make a significant contribution to the community by helping bring jobs to Tennesseans, as well as filling the positions available in the industries housed in this region with highly qualified and well-trained personnel. We are eager to become responsible corporate citizens, assisting in appropriate ways to make Tennessee a better place to work and live."