By Katy Nesbitt
The (La Grande) Observer
Forest Capital Partners, a major landowner in Northeastern Oregon, sold its entire timber portfolio of 1.88 million acres today. The monetary terms of the transaction were not disclosed.
Until today, Forest Capital owned 259,000 acres in Baker, Union and Wallowa counties, with the majority of the acres in Union and Wallowa counties. The timber investment management organization has been the main supplier of logs to the Boise Cascade mills in La Grande and Elgin since it bought all of Boise Cascade's land in 2005, roughly 2.2 million acres, for $1.65 billion.
The Hancock Timber Resource Group of Boston, Mass., acquired 573,000 acres of Forest Capital land in Oregon, 264,000 acres in Washington, 138,000 in Idaho and 376,000 in Louisiana.
Molpus, of Jackson, Miss., is acquiring 286,000 acres in Minnesota, 110,000 acres in Louisiana and 138,000 acres in Idaho from Forest Capital's portfolio.
As part of the transaction, the vast majority of Forest Capital's employees associated with the timberlands will be merged into operations of the respective new managers, the Hancock Timber Resource Group or the Molpus Woodlands Group.
The Hancock Timber Resource Group, founded in 1985, is a division of Hancock Natural Resource Group, Inc., an operating company of Manulife Asset Management. It manages approximately 6.6 million acres of timberland across the United States and in Brazil, Canada, New Zealand and Australia on behalf of investors worldwide.
The Molpus Woodlands Group, LLC, a Registered Investment Advisor, was founded in 1996 as a timber investment management organization and has a company legacy dating back to 1905. With its sister operating company, Molpus Timberlands Management, LLC , Molpus is one of the oldest timber-related companies in the nation, with experience in all facets of timber management, manufacturing, and marketing.