US agriculture and natural resources organisation Alico Inc has announced the strategic acquisition of three Florida citrus producers for total consideration of approximately US$363m.
According to the group, these acquisitions will make Alico's citrus division the largest citrus producer in the country, with total pro forma 2014 production of 10m boxes annually.
The three acquisitions are certain assets and liabilities of Orange-Co, 734 Citrus Holdings LLC – also known as Silver Nip Citrus – and Gator Grove.
'These transactions are transformative for our citrus business and represent a major step forward in our strategy to become a leading agriculture and natural resources company by identifying and executing on accretive growth opportunities,' said Clay Wilson, CEO of Alico. 'We intend to continue to target attractive markets and establish leading positions in our different business lines where scale and expertise can generate strong returns for our investors.'
The deals tie up 20,263 acres from Orange-Co, which comprises one of the largest contiguous citrus grove properties in the state of Florida, 7,434 acres from Silver Nip Citrus and 1,241 acres from Gator Grove.
