Washington, United States
Global Environment Fund (GEF) announced that Goldman Sachs has concluded the sale of Global Forest Products, Ltd., headquartered in rural Mpumalanga, South Africa, in a transaction valued at $245 million. The acquirer is The York Timber Organisation Limited (York) public company listed on the Johannesburg Stock Exchange.
Global Forest Products was founded by GEF in late 2001 to acquire and manage non-core forestry properties and sawmills owned by Mondi, a subsidiary of the Anglo-American conglomerate. The original acquisition price for the assets was approximately $64 million.
Today, Global Forest Products is an environmentally sustainable, vertically integrated forestry company, headquartered in Sabie (in Mpumalanga Province), managing 56,805 hectares of plantation forests certified by the Forest Stewardship Council (FSC). GFP also owns and operates three large sawmills and a plywood plant. The company also has set aside 29,101 hectares of land reserved for conservation, streams, natural heritage sites, roads and access routes.
About Global Environment Fund
Global Environment Fund is a Washington, DC based private equity firm founded in 1990 with three distinct investment teams focused on emerging markets, alternative energy technology and forestry. The firm manages over US$800 million in private equity investments for institutional investors including a number of university endowments, foundations, family offices and pension funds.
For more information, please visit the following websites:
www.globalenvironmentfund.com
www.globalforestproducts.net
www.yorkcor.co.za
Source: Business Wire (Business Wire India)