Bruce is back

Agribusiness giant Alico has a new major shareholder who is well known in the world of money management in Florida: Bruce Sherman.

Sherman is the shrewd Naples investor who once headed Private Capital Management, posting spectacular investment returns for years before the financial crisis and a bet on Bear Stearns blemished an otherwise stellar track record.

Sherman's investing style is to select companies he thinks are undervalued, which makes it particularly interesting that he announced recently a 7% stake in the Fort Myers-based agribusiness company.
Alico announced on Dec. 3 that it would become the nation's largest citrus producer once it completes three deals for rivals totaling $363 million. A group of New York investors acquired a majority stake in Alico late last year, slashing the dividend and selling its sugar-producing land. The company's shares are publicly traded (symbol: ALCO; recent price: $43).