Alico Acquires Three Florida Citrus Producers - Quick Facts

(RTTNews) - Alico Inc. (ALCO) announced the acquisition of three Florida citrus producers for total consideration of approximately $363 million. The company said the acquisitions will make its citrus division the largest citrus producer in the United States, with total pro forma 2014 production of 10 million boxes annually.

The three acquisitions are: certain assets and liabilities of Orange-Co, LP; 734 Citrus Holdings, LLC, also known as Silver Nip Citrus; and Gator Grove.

The company said the acquisitions, based on 2014 performance, would have increased Alico's Adjusted EBITDA from $21 million on a standalone basis to approximately $58 million on a pro forma basis, excluding the impact of anticipated synergies, which, when fully phased in, are expected to add approximately $5 million of incremental EBITDA annually. The transactions would have increased Alico's 2014 adjusted earnings per share and adjusted free cash flow per share from $1.00 and $0.96 on a standalone basis to approximately $2.77 and $3.31, respectively, on a pro forma basis, excluding anticipated synergies and one-time items.