FORT MYERS, Fla., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Alico, Inc. (Nasdaq: ALCO) today announces that on October 30, 2020, the Company purchased approximately 3,280 gross citrus acres located in Hendry County for a purchase price of $16.45 million.

John Kiernan, Alico’s President and Chief Executive Officer, commented, “This acquisition of the Alexander Grove from the well-respected Gardinier Florida Citrus, Inc. allows Alico to add additional scale to our existing 45,000 gross acres of citrus properties. This Alexander Grove appears to have been very well maintained and substantial new plantings were completed in recent years. Strategically, the Alexander Grove neighbors existing Alico groves, and this will likely enable Alico to continue to operate as a low-cost, high producing citrus grower. We believe that this latest acquisition continues to demonstrate Alico’s commitment to being a long-term citrus industry leader.”

Mr. Kiernan continued, “Because this acquisition was completed using a like-kind exchange structure to fund most of the purchase price, we were able to defer approximately $4.0 million in taxes related to the gain from a sale of ranch land to the State of Florida, which closed in September 2020.”

About Alico

Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Alico Water Resources and Other Operations, a leading water storage and environmental services division. Learn more about Alico (Nasdaq: “ALCO”) at www.alicoinc.com.