Nu-Med Unit Sells 3 Psychiatric Hospitals

Nu-Med Inc. in Encino said its PsychGroup Inc. unit completed the sale of three psychiatric hospitals to PSG Acquisition Inc., a subsidiary of the Cooper Cos.

The purchase price consisted of $16.4 million in cash and the assumption of about $21.5 million of debt. Cooper, a New York-based health-care concern, also is effectively retiring $21.7 million of Nu-Med debt that it held.

The hospitals, managed by Nu-Med’s PsychGroup Inc. subsidiary, are Hampton Hospital in Westhampton Township, N. J.; Hartgrove Hospital in Chicago, and Meadow Wood Center in New Castle, Del.

Nu-Med, a hospital operator that has been struggling, said a substantial amount of the sale’s proceeds will be used to repay debt.