On Monday, privately-held land management and wood products company Westervelt, which holds land assets in the U.S. and New Zealand, announced, together with Canadian institutional investment group Caisse de dépôt et placement du Québec (CDPQ), that it has acquired more than 76,000 acres (307 km2) of high-quality pine timberland in the U.S. state of Georgia, part of a new strategic partnership between the two entities focused around sustainable timberland management.
The acreage had been owned and managed for nearly a century by Superior Pine Products, a family-owned land and silviculture company based in Georgia, with timberland assets in Georgia, Alabama and South Carolina.
“This was a rare opportunity to purchase a special timberland asset in southeast Georgia. The land matches Westervelt’s strategic growth and diversification objectives, and its age class distribution balances growth and sustainability goals,” said Westervelt President and CEO Brian Luoma.
“This transaction illustrates what our Sustainable Land Management initiative is all about: investing in land with partners who truly share our values and culture of investing constructively. That’s why we are delighted to join forces with Westervelt, a family-owned business focused on environmental stewardship and innovation, for this first investment in the United States as part of this partnership. Working forests are unique assets and we believe they will become of increasing importance in the fight against climate change and the transition to a greener economy,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ.
“This is more than a land deal for us. Superior Pine shares Westervelt’s commitments to sustainability, responsible land management and stewardship. This land will be managed into the future in a manner that honors the Superior legacy. CDPQ shares the same organizational values and is respected for their impactful and innovative investment approach that is aligned with our long-term sustainable land management objectives,” said Westervelt’s Chief Sustainability Officer Cade Warner.
“As we move forward with our strategic plan to geographically diversify our timberland holdings, this transaction will enable our Company to grow in other market areas while retaining ownership in our core area of operations. Westervelt and CDPQ align with our Company values and commitment to sustainability, so we are excited about this opportunity for all entities and look forward to future possibilities for growth,” said Superior Pine Products President and CEO Scott Griffin.
