Majority holdings of citrus firm Alico sold

10/19/2013 06:02:00 AM
Vicky Boyd

Majority interest in Fort Myers, Fla.-based Alico Inc. has been sold to 734 Agriculture LLC, a private investment firm, for more than $137 million.

The 50.5 percent of Alico's outstanding voting stock was sold by Atlantic Blue Group, a family-owned holding company, according to a news release.

The transition with 734 Agriculture, which is controlled by Remy Trafelet and George Brokaw in partnership with Arlon Group, an investment firm founded by Continental Grain Co., is expected to close later this year.

Alico is an agribusiness and land management company focusing on citrus groves, improved farmland, sugar cane, cattle ranching and resource conservation.

It owns about 130,800 acres in five counties. Of that, about 11,000 acre producing citrus acres.

After the transaction closes,chief executive officer JD Alexander is expected to be replaced by Clay Wilson, a third-generation citrus grower. He currently is chief executive officer of 734 Citrus Holdings LLC and Silver Nip Citrus.

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