We are pleased with the opportunities this acquisition brings to our client and look forward to evaluating future growth possibilities for our investors in the eastern half of the U.S.
Jackson, MS (Vocus) November 29, 2010
The Molpus Woodlands Group, LLC (Molpus), a timberland investment management organization (TIMO) headquartered in Jackson, Mississippi, announced today on behalf of a client the successful purchase of approximately 14,280 acres in East Texas for a purchase price of $18,421,200.00. This property was purchased from Cambium Corrigan Limited Partnership, an entity of Cambium Global Timberland Limited.
Located in Polk County, Texas, and comprised of high-quality pine plantations, the Cambium property has historically been utilized for timber production as part of Champion and International Paper’s past landholdings in the region. As such, the property has benefited from sound management practices such as multiple fertilizations, commercial thinnings, and other value-enhancing activities.
“We are pleased with the opportunities this acquisition brings to our client and look forward to evaluating future growth possibilities for our investors in the eastern half of the U.S.,” stated Dick Molpus, president of Molpus Woodlands Group.
This acquisition increases Molpus’s total assets under management to over $1.125 billion and the total acreage under management to almost 1 million.
Victor Lott, Jr., and Andy Freeman of Adams and Reese LLP, in Mobile, Alabama, served as legal advisors to Molpus and its client in the transaction. Stephen B. Schrock and Rebecca S. Vandiver of Morris Manning & Martin LLP in Atlanta, Georgia, served as legal advisors to the Seller in connection with this transaction.
The Molpus Woodlands Group, LLC, a Registered Investment Advisor, was founded in 1996 as a Timber Investment Management Organization (TIMO). With its sister operating company, Molpus Timberlands Management, LLC (collectively, Molpus), operating since 1905, Molpus is one of the oldest timber-related companies in the nation, with experience in all facets of timber management, manufacturing, and marketing. Molpus is one of the few TIMOs that have all of their core businesses and forestry functions handled or supervised by in-house experts.
Molpus employs sixty-seven people in its fifteen offices located in Alabama, Arkansas, Kentucky, Louisiana, Michigan, Mississippi, New York, and Oklahoma. Molpus acquires, manages, and sells timberland as an investment vehicle for pension funds, college endowments, foundations, insurance companies, and high net-worth individual investors. The company focuses on ensuring long-term optimum cash returns on investments while practicing responsible forest stewardship. For more information, visit http://www.molpus.com/.
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