Amfac
Kaanapali Land, LLC | |
Company type | Public company |
(OTC Pink: KANP) | |
Industry | Land development |
Founded | 1898 as H. Hackfeld & Co. |
Headquarters | |
Website | kaanapaliland |
Hawaii's Big Five |
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Amfac, Inc., formerly known as American Factors and originally H. Hackfeld & Co., was a land development company in Hawaii. Founded in 1898 as a retail and sugar business, it was considered one of the so-called Big Five companies in the Territory of Hawaii. At its peak, it owned 60,000 acres (24,000 ha) of land, and was a dominant sugar company in Hawaii, as well as the founder of one of its best known department store chains, Liberty House. It now owns 5,000 acres (2,000 ha) of land in
).History
In 1849, German immigrant Heinrich Hackfeld formed a dry goods store called Hackfeld's Dry Goods in Honolulu. Hackfeld later became the business agent for Kōloa Plantation on the island of Kauaʻi. Paul Isenberg became a partner in 1881.[1] In 1898, the Hackfeld and Isenberg family interests in Hawaii were officially reorganized as H. Hackfeld & Co.
During
From 1968 to 1972, under president Henry Alexander Walker Jr., Amfac acquired 42 companies. These included the
Gulf+Western Industries owned a 25% stake in the company, which was sold in 1983.
California businesses in the 1970s
As of the 1970s, Amfac ran a variety of hospitality, retail, financial and other businesses in California, among other states. California was its second state after Hawaii. It operated:[5]
- 13 Joseph Magnin specialty department stores across Southern California.
- The restaurants at the Los Angeles Music Center.
- The Airport Marina Hotel, operated by Fred Harvey.
- Fred Harvey's Furnace Creek Inn and Ranch in Death Valley (now the Inn at Death Valley).
- The Victor Hugo Inn in Laguna Beach.
- The Tejon Ranch House in Lebec.
- The Ranch House Inn in Valencia.
- Ontario Airport and Palm Springs International Airport.
- Amfac Mortgage, providing real estate financing services from six offices.
- Amfac Properties and Amfac Communities, offering real estate development and management services including Canyon Sands in Palm Springs, California.
- Amfac Drug Supply, distributing pharmaceuticals to hospitals and pharmacies from six branches.
- Amfac Electric Supply, distributing materials to contractors and builders from a dozen branches.
1980s–2000s
In 1987, Ronald Sloan was removed as chief executive and president and was replaced by Richard Griffith (Henry Walker Jr. was still chairman of the board). The company announced it was selling its non-Hawaii business units.[6] Amfac was bought by Chicago-based JMB Realty in 1988 for $920 million.[7]
As the sugar industry in Hawaii declined after statehood, so did the fortunes of Amfac. The company's assets were gradually sold off or closed. Oahu Sugar in
See also
References
- Honolulu Star Bulletin. Retrieved August 5, 2010.
- ISBN 978-1949267266
- ^ Dorothy Riconda; Robert M. Fox (September 18, 1972). "H. Alexander Walker Residence nomination form". National Register of Historic Places. U.S. National Park Service. Retrieved June 27, 2010.
- ^ "Corporations: Amfac's Wide Swing". Time. July 31, 1972. Archived from the original on November 23, 2007. Retrieved June 27, 2010.
- ^ "Advertisement for Amfac". Los Angeles Times. June 26, 1975.
- ^ Sims, Calvin (December 14, 1987). "Amfac Is Planning to Sell Its Non-Hawaii Businesses". The New York Times. Retrieved June 27, 2010.
- ^ "Company News: Amfac Holders Back Bid by JMB". The New York Times. November 11, 1988. Retrieved June 27, 2010.
- ^ a b "Dynasty in decline: Amfac, the first Hawaii company to earn $1 billion in revenue, is a shadow of its former self". Honolulu Star-Bulletin. September 2, 2001. Retrieved April 22, 2018.
- ^ Young, Peter T. (August 2, 2013). "Ho'okuleana: Pioneer Mill". Ho‘okuleana. Retrieved April 22, 2018.
- ^ https://www.mauimagazine.net/maui-intriguing-people/
- ^ https://www.thegardenisland.com/2001/07/07/news/aols-steve-case-buys-amfacs-lihue-acreage/
- ^ Amfac mired in debt. Honolulu Star-Bulletin.
- ^ "Annual Report (form 10K) of Kaanapali Land, LLC". US Securities and Exchange Commission EDGAR. March 29, 2010. Retrieved June 27, 2010.
- ^ "Welcome to the New Family Farm". Kāʻanapali Coffee Farms web site. Archived from the original on September 9, 2010. Retrieved June 27, 2010.
Further reading
- William A. Simonds (October 1, 1949). Kamaaina – A century in Hawaii. Keichi Kimura, illustrator. American Factors, Limited.
External links
- Kaanapali Land Management Corp., principal subsidiary of Kaanapali Land