Molpus announces acquisition of Texas timberlands
Molpus Woodlands Group, a timberlands investment management group, has announced the acquisition of 14,280 acres of pine plantations in East Texas on behalf of a client. This property was purchased for $18,421,200 from Cambium Corrigan Limited Partnership, an entity of Cambium Global Timberland Limited.
Located in Polk County, Texas, 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 management practices such as multiple fertilizations, commercial thinnings and other value-enhancing activities, according to Molpus.
“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 the total assets under Molpus management to more than $1.125 billion and the total acreage to almost 1 million.
Last September, Molpus purchased 124,521 acres of pine in the states of Virginia, North Carolina, Georgia, Florida, Alabama, Mississippi and Louisiana.
Sellars new VP for Cash Acme and SharkBite Products
Paul Sellars has been named VP sales for Reliance Worldwide USA, manufacturers and distributors of Cash Acme and SharkBite-branded products.
Prior to joining Reliance, Sellars served as director of sales for Rinnai America Corp., with previous positions at State Industries, Jacuzzi Whirlpool Bath and Kohler Co.
Floor & Decor acquired by private equity firms
Floor and Decor Outlets of America, a chain of floor covering retail outlets, has signed an agreement to be purchased by an affiliate of Ares Management and Freeman Spogli & Co. from an investor group that includes Najeti Ventures, Saugatuck Capital Co. and TWJ Capital.
Headquartered in Atlanta, Floor and Decor currently sells ceramic, stone, wood and laminate flooring through 25 stores in 15 U.S. metro markets, as well as through its website, flooranddecoroutlets. Its brick-and-mortar locations typically range from 60,000 sq. ft. to 80,000 sq. ft. and are set in warehouse-style buildings with merchandise stacked on pallets. Customers are primarily homeowners and professional contractors.
Based in Los Angeles, Ares Management is also an investor in Orchard Supply Hardware, a chain of home improvement stores throughout California.