TUSCALOOSA, Ala. and MONTRÉAL, Oct. 18, 2021 /PRNewswire/ - The Westervelt Company and Caisse de dépôt et placement du Québec (CDPQ), a global investment group, today announced the acquisition of more than 76,000 acres (307 km 2) of high-quality pine timberland and the creation of a new strategic partnership that will focus on sustainable timberland management.
The newly acquired property had been owned and managed for nearly a century by Superior Pine Products, a family-owned company headquartered in Georgia.
"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 Cade Warner, Chief Sustainability Officer at Westervelt.
"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 Scott Griffin, President and CEO at Superior Pine Products Company.
The Westervelt Company, headquartered in Tuscaloosa, Ala., was founded in 1884 by Herbert Westervelt, and is still family-owned and managed. Westervelt has a long history of land stewardship, sustainability, environmental excellence and quality. The company's legacy of innovation was a key driver in their interest in partnering with CDPQ.
About The Westervelt Company
The Westervelt Company, a privately held company headquartered in Tuscaloosa, Ala., was founded in 1884 and is currently under the fourth generation of family leadership. Westervelt is an industry leader in land management, wood products manufacturing and environmental mitigation. The company is recognized for excellence in sustainable forest management, responsibly sourced forest products and services, natural resource stewardship and ecosystem conservation. With more than half a million acres of land under Westervelt management, Westervelt's diverse businesses all work together to ensure the sustainable stewardship of natural resources today, tomorrow and for many generations to come.
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2021 CDPQ's net assets total CAD 390 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
About Superior Pine Products Company
Superior Pine Products Company is a multi-generational, family-owned business that owns and operates timberland in Georgia, Alabama, and South Carolina. With nearly 100 years of experience in forest innovation, Superior Pine remains dedicated to sustainably managing the land and forest to achieve value for all of its stakeholders, as well as the surrounding communities. Superior Pine is excited about utilizing this transaction to expand into other markets beyond its core holdings.
SOURCE Caisse de dépôt et placement du Québec