Mosaic Completes Sale of Streamsong Resort
The Mosaic Company (NYSE:MOS) has successfully completed the sale of Streamsong Resort and approximately 7,000 acres of land to Lone Windmill LLC, a subsidiary of Kemper Sports Management, for $160 million. Mosaic plans to allocate around 25% of the proceeds for long-term community investments, while the rest will support general corporate purposes, following its capital allocation strategy. Mosaic's CEO emphasized that the sale reflects disciplined asset management and a commitment to benefiting the community, while KemperSports aims to enhance the resort's offerings.
- Completed sale of Streamsong Resort for $160 million, indicating strong asset value.
- 25% of sale proceeds designated for long-term community investment.
- None.
TAMPA, FL / ACCESSWIRE / January 13, 2023 / The Mosaic Company (NYSE:MOS) today announced that it has completed the sale of Streamsong Resort, one of the world's leading golf destinations, and approximately 7,000 acres of land on which it sits to Lone Windmill LLC, a subsidiary of Kemper Sports Management LLC.
Chicago-based KemperSports has managed the golf business at Streamsong since the resort opened in 2012, and it has managed the entire resort for the past two years as part of its KemperDestinations division.
The purchase price for the resort and real estate was
"For 10 years Streamsong has demonstrated Mosaic's ability to put formerly mined land to economically and environmentally productive use," said Mosaic President and CEO Joc O'Rourke. "It has always been our intention to identify the right long-term steward of Streamsong, and we have clearly done that with KemperSports. Kemper has been an outstanding partner for many years, and we have every confidence that they will continue to build upon Streamsong's remarkable record of delivering best-in-class guest experiences while providing meaningful employment opportunity and economic impact in Central Florida."
"Streamsong has generated great value for Mosaic and its shareholders, and this transaction demonstrates Mosaic's steadfast commitment to disciplined asset and capital management," O'Rourke said. "In addition, funding our community investment work with a portion of the proceeds from the sale ensures that our communities will continue to benefit from Streamsong's legacy for many years to come."
"We have always valued our partnership with Mosaic, and it is a privilege now to be carrying on the legacy of Streamsong, a place that is so highly regarded by the golf community," said Steve Skinner, KemperSports CEO. "Our team has and will continue to prioritize elevating our guest experience and resort offerings, which includes the development of our new fourth course, The Chain, designed by Bill Coore and Ben Crenshaw. We are thrilled with the opportunity to continue to invest in and grow the resort."
About Streamsong Resort
Streamsong® Resort was developed by The Mosaic Company in 2012 and is founded on a commitment to its surrounding resources. This year, Streamsong is celebrating its 10th anniversary of providing unparalleled experiences and operational excellence to guests across the globe. From awe-inspiring golf courses and legendary bass fishing and sporting clay shooting to sumptuous dining and ethereal spa experiences, Streamsong operates in concert with its environment. This deep appreciation for the land's inherent beauty has helped to create an unparalleled luxury golf resort, including 228 spacious accommodations in a modern lakeside lodge and clubhouse. Leading golf and hospitality management company KemperSports has managed golf course operations since 2012 and resort operations since 2021. For more information, visit www.streamsongresort.com.
About The Mosaic Company
With the global population expected to reach 9 billion by 2050, food security is an ever-growing challenge that The Mosaic Company will help meet. Our 13,000 women and men in 8 operating countries produce and deliver millions of tonnes of responsibly produced phosphate and potash fertilizers from mine to market - nutrients that are vital to feed crops which feed people everywhere - and serve farmers in 40 countries by helping them increase crop yields and improve nutrition for people and animals. We pursue our mission to help the world grow the food it needs responsibly and sustainably: We are committed to being good stewards of the environment by reducing our water use and greenhouse gas emissions, good neighbors through strong partnerships with our host communities, and by being a more diverse and inclusive company where every person feels valued and appreciated.
About KemperSports
KemperSports is a leading sports, entertainment and hospitality company that delivers operational excellence in property and experience management. Headquartered in Chicago with regional offices throughout the U.S., KemperSports manages more than 140 golf courses, private clubs, sports venues, and destination resorts nationwide. It has more golf properties named among the top 100 U.S. public and resort courses as rated by GOLF Magazine, Golf Digest, and Golfweek than any other management company. For more information about KemperSports, visit www.kempersports.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about proposed or pending future transactions or strategic plans, including capital allocation strategy. Such statements are based upon the current beliefs and expectations of The Mosaic Company's management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: the economic impact and operating impacts of the coronavirus (Covid-19) pandemic, political and economic instability and changes in government policies in Brazil and other countries in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; the effect of future product innovations or development of new technologies on demand for our products; changes in foreign currency and exchange rates; international trade risks and other risks associated with Mosaic's international operations and those of joint ventures in which Mosaic participates, including the performance of the Wa'ad Al Shamal Phosphate Company (also known as MWSPC), the future success of current plans for MWSPC and any future changes in those plans; difficulties with realization of the benefits of our natural gas based pricing ammonia supply agreement with CF Industries, Inc., including the risk that the cost savings initially anticipated from the agreement may not be fully realized over its term or that the price of natural gas or ammonia during the term are at levels at which the pricing is disadvantageous to Mosaic; customer defaults; the effects of Mosaic's decisions to exit business operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of Mexico or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic's operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic's processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management's current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, or the costs of the MWSPC; reduction of Mosaic's available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic's potash mines; other accidents and disruptions involving Mosaic's operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company's reports filed with the Securities and Exchange Commission.
| Media William Barksdale The Mosaic Company 813-775-4208 william.barksdale@mosaicco.com | Investors Paul Massoud The Mosaic Company 813-775-4260 investor@mosaicco.com |
SOURCE: The Mosaic Company
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