Nu-Med Inc. Completes Its Purchase of 2 Psychiatric-Care Companies
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Nu-Med Inc., an Encino-based hospital chain, completed the acquisition of two psychiatric-care companies but canceled the bond offering that was originally intended to finance them.
Nu-Med announced that it will finance the purchases from existing lines of credit with banks. The company withdrew its registration statement with the Securities and Exchange Commission for a $40-million debenture offering because of the weakening market for hospital company securities, said William N. Hartauer, Nu-Med’s president.
The purchase of the hospital companies, Maxim Healthcare of Philadelphia and Hospital Group of America, based in McLean, Va., is part of Nu-Med’s continued strategy of expanding into the psychiatric hospitals business.
The acquisitions bring Nu-Med three psychiatric hospitals. Nu-Med owns and operates 15 general-care hospitals in the United States and one in England.
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