Alico to become citrus king

FORT MYERS — Agribusiness firm Alico says it will become the nation's largest citrus producer after it completes the acquisitions of three rival citrus producers in Florida for a total of $363 million.

Alico has already acquired two producers: Orange-Co on Dec. 2 and Gator Grove on Sept. 23. Another acquisition, Silver Nip Citrus, is expected to close in the first quarter. In total, Fort Myers-based Alico will own 32,600 acres of citrus groves, up from 10,900 acres, resulting in a 189% increase in production.

The biggest acquisition is Orange-Co's 20,263 acres, which comprises one of the largest contiguous citrus grove properties in Florida. The $274 million Orange-Co acquisition was financed with proceeds from Alico's recently announced $97 million sale of its sugarcane assets and a portion of the proceeds from Alico's new long-term debt and credit lines.