PERRY, Fla., April 2, 2015 /PRNewswire/ -- Foley Timber and Land Company ("Foley" or the "Company"), a limited partnership engaged in the business of managing and operating 560,000 acres of premium timberlands it owns in North Central Florida, today announced that its Board of Directors has authorized the exploration of a sale of substantially all of the business' assets and operations. The Company's property includes 876 square miles of premier timberlands, centrally located between Tallahassee and Gainesville along Florida's Gulf Coast. The sale offers the opportunity to acquire timberland operations and related assets that generate significant cash flow through the superior management of highly-productive timberlands on contiguous land in an attractive market. Foley is majority-owned by the Company's Chairman, Robert Day, and its President, Howard Leach.
"This is an unprecedented opportunity to acquire a premier tract of timberland and related operations in a growing market, supported by a track record of sustainable harvesting, deep customer relationships and long-standing customer supply agreements," said Mr. Leach. "With the property's central location and high-level of productivity, our industry-leading management team has been able to capitalize on demand and grow market share with a variety of mills in the Southeast market. Our best-in-class management activities have enabled us to establish an exceptional timber inventory and position the business to capitalize on favorable timber and local market dynamics."
Mr. Leach continued, "Additionally, the land is advantageously positioned near the Gulf of Mexico in regions with expanding urban areas, offering a number of opportunities in mixed-use land development. Recent purchases in the region by major landowners further underscore that buyers are extremely confident that North Central Florida represents a stable and compelling long-term investment."
Timberlands & Forestry:
As one of the top three timber producers in Florida, Foley has had a thriving, sustainable timber operation for the last 20 years. Foley is a significant source of timber production in the southeastern United States, traditionally selling timber to pulpwood, saw timber and other mills for processing into a range of end products. The Company has a number of long-term supply agreements in place with various customers that guarantee minimum annual volume, including with a major producer of specialty cellulose. Additionally, the Company expects increasing demand in the region in 2015 from new mills that have recently entered the market. With accelerating demand in the timber industry, it is expected that the timberlands operation will continue to provide significant cash flow as well as enable the generation of supplemental income.
Real Estate Development & Strategic Land Planning:
In addition to its core timber operation, Foley has secured one of the largest state-approved master development plans in Florida's history. The plan covers 128,000 acres with approximately 45,000 acres for development of residential, commercial and industrial areas and approximately 83,000 acres of agricultural and recreational lands. With proximity to unique coastal assets, including the Keaton Beach Marina owned by Foley, access to an abundance of natural resources, and use of critical infrastructure, the development plan represents an extremely attractive opportunity to capitalize on the strong potential for growth and transformation of coastal North Central Florida.
Incremental value opportunities exist through the operation's abundance of natural resources. Unique access to large water resources, including the Upper Floridan Aquifer, provides an abundance of ground water and surface water runoff volume.
Over the last 20 years, Foley has built a best-in-class management team comprised of highly-qualified individuals who bring to the Company's operations extensive expertise in forest management, wood supply and strategic economic development.
The Company has retained BofA Merrill Lynch as its financial advisor and Sutherland Asbill & Brennan LLP as its legal advisor in connection with its announced sale of the Company's business assets and operations.
For more information, please contact:
Foley Timber & Land Company: [email protected]
Joele Frank, Wilkinson Brimmer Katcher
Steve Frankel / Jonathan Keehner / Torrey Leroy
SOURCE Foley Timber and Land Company