Alico Buys in to Boost Its Florida Citrus Status

Posted by Paul Rusnak|November 5, 2020

Alico Inc. is not only the largest citrus stakeholder in Florida, but also one of the largest in the U.S. And it’s still growing. Company officials recently announced the purchase of nearly 3,300 citrus acres located in Hendry County for a reported price of $16.45 million.

The acquisition of the Alexander Grove from Gardinier Florida Citrus, Inc. allows Alico to add additional scale to its existing 45,000 acres of citrus properties.

“This Alexander Grove appears to have been very well maintained and substantial new plantings were completed in recent years,” John Kiernan, Alico’s President and Chief Executive Officer, stated. “Strategically, the Alexander Grove neighbors existing Alico groves, and this will likely enable Alico to continue to operate as a low-cost, high producing citrus grower. We believe that this latest acquisition continues to demonstrate Alico’s commitment to being a long-term citrus industry leader.”

Kiernan added, “Because this acquisition was completed using a like-kind exchange structure to fund most of the purchase price, we were able to defer approximately $4 million in taxes related to the gain from a sale of ranch land to the State of Florida, which closed in September 2020.”