Wellesley, MA - January 22, 2013 - Tully & Holland, Inc. is pleased to announce its role as financial advisor to Gallon Jug Agroindustry, Ltd. ("Gallon Jug") in its sale of selected assets to The Forestland Group, LLC ("Forestland"). These assets, including 104,000 acres of land located in Central America, were sold to Laguna Seca Land, LLC, a newly formed company of The Forestland Group. The terms of the transaction were not disclosed.
Originally purchased in 1984 by Sir Barry Bowen, Gallon Jug Agroindustry owns vast forestland that has significant intrinsic value as an oil & gas, archaeological, conservation, and timberland property. This property includes large concentrations of mahogany trees milled for use in the manufacturing of the world's finest guitars and other specialty furniture items. The property is also an invaluable source of carbon credits.
"We are pleased to participate in a transaction which successfully addressed the objectives of Gallon Jug's shareholders while continuing to maintain the goal of sustainably foresting these valuable assets for many years to come" says Tim Tully, President of Tully & Holland, Inc.
Headquartered in Belize City, Belize, Gallon Jug Agroindustry, Ltd. is a subsidiary of Bowen & Bowen, Ltd., a conglomerate comprised of businesses in the food & beverage, hospitality, shipping, aquaculture, and auto industry sectors. Today, the management of Bowen & Bowen is overseen by Michael H.M. Bowen, a member of the 8th generation of Bowen's to live in Belize.
"This transaction was part of a broader restructuring and recapitalization for Bowen & Bowen that also included the creation of a joint venture involving the world-class facilities of Belize Aquaculture, Ltd. with Thailand- based Seafresh Industry Public Co., Ltd. earlier in the year," according to Tim Tully.