Amfac, Inc.

Amfac, Inc.
Kaanapali Land, LLC
Public company
Traded as (OTC Pink: KANP)
Industry Land development
Founded 1849 as H. Hackfeld and Company
Headquarters Hawaii

Amfac, Inc., formerly known as American Factors and originally H. Hackfeld and Company, was a land development company in Hawaii. Founded in 1849 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 the founder of one of its best known department stores, Liberty House. It now owns 5,000 acres (2,000 ha) of land in Kaanapali on the island of Maui. Since 2005 it is known as Kaanapali Land, LLC (OTC Pink: KANP).

History

German immigrant Heinrich Hackfeld and his brother-in-law J. C. Pflueger founded a dry goods store called H. Hackfeld and Company in 1849 in Honolulu. Hackfeld later became the business agent for Kōloa Plantation on the island of Kauaʻi. Paul Isenberg (1837–1903) became a partner in 1881.[1]

During World War I, Pioneer Mill, DCCA #207, was seized by the U.S. government Alien Property Custodian. It was later sold to a consortium of Hawaii businessmen in 1918, who changed the name to "American Factors". In 1966, the name was further shortened to "Amfac". Henry Alexander Walker became president in the 1930s. The family estate known as the H. Alexander Walker Residence, was developed into a showcase garden.[2]

From 1968 to 1972 under president Henry Alexander Walker Jr. Amfac acquired 42 different companies.[3]

Ronald L. Sloan was removed as president November 20, 1987 and replaced by Richard L. Griffith (Walker was still chairman of the board). The company announced it was selling its non-Hawaii business units.[4] Amfac was bought by Chicago-based JMB Realty in 1988 for USD $920 million.[5] As the sugar industry in Hawaii declined after statehood, so did the fortunes of Amfac. Amfac's assets were gradually sold off or closed. Oahu Sugar in Waipahu was closed in 1994.[6] Liberty House went into bankruptcy in 1998 (it was later acquired by Federated Department Stores and now carries the Macy's brand name). The Pioneer Mill in Lahaina closed in 1999, and the Kekaha Sugar Mill and Lihue Plantation closed in 2000.[7][6] Amfac Hawaii went into Chapter 11 bankruptcy in 2002.[8] Amfac Hotels & Resorts was retained by JMB and was renamed Xanterra Parks and Resorts. Amfac Hawaii was reorganized as Kaanapali Land, LLC and the bankruptcy closed in 2005.[9] Some of the former plantation land uphill from the resort has been subdivided into a development called Kāʻanapali Coffee Farms.[10]

See also

References

  1. ↑ George F. Nellist, ed. (1925). "Isenberg, Paul". The Story of Hawaii and Its Builders. Honolulu Star Bulletin. Retrieved August 5, 2010.
  2. ↑ 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.
  3. ↑ "Corporations:Amfac's Wide Swing". TIME. July 31, 1972. Retrieved June 27, 2010.
  4. ↑ Sims, Calvin (December 14, 1987). "Amfac Is Planning to Sell Its Non-Hawaii Businesses". The New York Times. Retrieved June 27, 2010.
  5. ↑ "Company News: Amfac Holders Back Bid by JMB". The New York Times. November 11, 1988. Retrieved June 27, 2010.
  6. 1 2 "Dynasty in decline: Amfac, the first Hawaii company to earn $1 billion in revenue, is a shadow of its former self". Honolulu Star-Bulletin. 2001-09-02. Retrieved 2018-04-22.
  7. ↑ Young, Peter T. (2013-08-02). "Ho'okuleana: Pioneer Mill". Ho‘okuleana. Retrieved 2018-04-22.
  8. ↑ Amfac mired in debt. Honolulu Star-Bulletin.
  9. ↑ "Annual Report (form 10K) of Kaanapali Land, LLC". US Securities and Exchange Commission EDGAR. March 29, 2010. Retrieved June 27, 2010.
  10. ↑ "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.
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