Bruce Percelay, founder and chairman of The Mount Vernon Co., and his wife, Elisabeth, announced that they're giving a $10 million matching gift toward building a new hospital on Nantucket.
In recognition of their donation to the Nantucket Cottage Hospital's capital campaign, a portion of the new hospital building will be named the Percelay Pavilion.
The couple, who live in Boston and summer in Nantucket, already have a personal connection to the hospital: it's where their two children, William and Charlie, were born.
Percelay previously served on the hospital's board of trustees and he continues to be involved with the fund-raising efforts.
"We're not there yet," he said, in a telephone interview. "The hospital needs more than just our gift to complete it."
Nantucket Cottage Hospital officials plan to break ground early next year, and if all goes according to plan, the new hospital would be finished by the middle of 2018.
Percelay, who is the publisher of N Magazine, said he and his wife decided to make the donation because Nantucket needs a new hospital and "we love the island."
"We are very deeply connected to Nantucket; it means a lot to us," he said.