The Westervelt Company and Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced the acquisition of more than 76,000 acres (307 km2) 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.
Westervelt is an industry leader in land management, wood products manufacturing and environmental mitigation.
Superior Pine Products Company is a multi-generational, family-owned business that owns and operates timberland in Georgia, Alabama, and South Carolina.
