JACKSON — The Hancock Timber Resource Group of Boston and Jackson-based Molpus Woodlands Group have purchased the 1.88 million acre timberland portfolio of Forest Capital Partners, the companies report.
Terms of the transaction were not disclosed.
Hancock Timber is acquiring 376,000 acres in Louisiana, 573,000 acres in Oregon, 138,000 acres in Idaho and 264,000 acres in Washington.
Molpus is acquiring 286,000 acres in Minnesota, 110,000 acres in Louisiana and 138,000 acres in Idaho.
As part of the transaction, the vast majority of Forest Capital Partners’ 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.
“With the opportunity to partner on this transaction, we are able to provide key assets to our clients, which we will oversee from new forestry offices in Coeur d’Alene, Idaho, and International Falls, Minn. We continue to be committed to the sound forestry stewardship practices historically associated with these properties,” said Molpus Woodlands Group president Dick Molpus.
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