THE LYME TIMBER COMPANY LP Investing in Timberland and Conservation Assets Schoodic Woods LLC Overview 23 South Main St. | Hanover NH 03755 | 603.643.3300 | www.lymetimber.com Peter R. Stein Managing Director T HE peterstein@lymetimber.com L YME T IMBER C OMPANY Confidential
T HE L YME T IMBER C OMPANY O VERVIEW − Lyme Timber is a private timberland investment management organization that invests in rural properties with high conservation/habitat values and partners with the leading conservation NGOs in the US to achieve superior investment returns as well as permanent conservation at a landscape scale. − Sample conservation partners include The Nature Conservancy, The Conservation Fund, The Trust for Public Land and regional and local land trusts − The Company’s principals have completed more than 100 transactions with land conservation NGOs and public agencies and have over 75 years of experience in land valuation, the design and negotiation of conservation easements, and timberland operations. − 95% of lands managed by Lyme are certified as sustainably managed under the criteria of the Forest Stewardship Council (FSC); 65% of the Company’s lands are dual certified under both FSC and the Sustainable Forestry Initiative (SFI). A Brief History: 1976 – formation of The Lyme Timber Company 1992 – establishment of LTC Conservation Advisory Services 2002 – establishment of Fund I 2006 – establishment of Fund II T HE L YME T IMBER 2010 – establishment of Fund III C OMPANY
S CHOODIC W OODS LLC First investment by Fund III… T HE L YME T IMBER C OMPANY
S CHOODIC W OODS LLC T HE L YME T IMBER C OMPANY
S CHOODIC W OODS LLC 3,200 acres • Adjacent to Acadia National Park • Undeveloped and primarily forested • Contains more than a mile of shore frontage and 2 • miles of shared boundaries with Acadia National Park Includes 15 acre Sargent’s Island • Conservation partners include: • Maine Coast Heritage Trust • Acadia National Park • Friends of Acadia National Park • others • T HE L YME T IMBER C OMPANY
S CHOODIC W OODS LLC Initial transaction design: Lyme purchases property in fee for Maine Coast Heritage Trust secures an $12 million option for the purchase of a conservation easement within 5 years $5 million low $1 million option Lyme and partners Land and interest rate loan consideration (MCHT, ANP, Water from MCHT payment Friends of ANP) Conservation work together to Fund pull together public and private funding Private BUT….. for a conservation philanthropy easement sale/purchase Lyme sells encumbered property to private individual or donates T HE underlying fee land to Acadia L YME T IMBER Lyme sells C OMPANY National Park conservation easement
S CHOODIC W OODS LLC Final Deal Structure: Lyme negotiates with seller and puts a down payment on property $1 million option consideration payment Lyme is approached by private foundation with interest in buying Lyme out of contract with seller so Maine Coast Heritage Trust secures an it can donate the land to Acadia option for the purchase of a conservation National Park themselves easement within 5 years if foundation does not conserve the property as promised Lyme purchases property in fee for $12 million T HE Lyme immediately sells equity interest to foundation, remains managing L YME T IMBER C OMPANY member because foundation would like to remain anonymous
S CHOODIC W OODS LLC Questions? T HE L YME T IMBER C OMPANY
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