BOSTON, MA (Thursday March 20, 2014)—The Hancock Agricultural Investment Group (HAIG) today announced the completion the acquisition of its long time property manager, Turlock, California-based Farmland Management Services (FMS).
The acquisition was completed through HAIG’s parent company, the Hancock Natural Resource Group (HNRG). Terms of the transaction were not disclosed.
“HAIG and FMS have been close, and very successful, partners for more than 25 years,” said HAIG President Oliver Williams. “This transaction formalizes our alliance and creates new opportunities by bringing the best in class farmland property manager together with the best in class farmland investment manager.”
Carl Evers, the owner of FMS, will continue as the company’s president and join HAIG’s senior management team. He will report to Mr. Williams.
“Over the past two and a half decades, HAIG and FMS have built an industry leading farmland investment management franchise,” Mr. Evers said. “As a single integrated company, we are able to better utilize our existing personnel across the organization, deepen our local connections, as well as create a more robust acquisition presence and an even more efficient asset management operation.
We are a best in class farmland investment business, with a clear line of sight from the farm gate to the investor.”
Mr. Williams said FMS has a strong brand in the farmland management marketplace and will retain its name. It will be a subsidiary of HNRG.
He added that HAIG views integrated property management as another competitive advantage.
“We firmly believe that a fully integrated operation completely aligns the interest between the investor and the manager,” Mr. Williams said. “With this transaction, we further strengthen our ability to serve clients well and increase our capacity to achieve our growth objectives for the future,”
FMS will be split into two companies on August 1, 2014, both overseen by Mr. Evers. The company’s agricultural property management staff in Turlock, California and Savoy, Illinois, will become employees of a new HNRG subsidiary, Hancock Farmland Services, Inc. (HFS) and will continue to provide the full range of property management services for both leased and directly operated properties. Employees who handle day to day farm operations on HAIG’s directly operated properties will stay in the FMS company.
The Hancock Agricultural Investment Group, founded in 1990, is a division of Hancock Natural Resource Group, Inc., a unit of Manulife Asset Management Private Markets. Based in Boston, it manages approximately 300,000 acres of row and permanent cropland in the United States, Canada and Australia on behalf of institutional investors. Additional information about HAIG may be found at www.haig.com.