H. Hunter "Terry" White III and Family Buys Lynum Investment Group's Interest in New Providence Development Company

News provided by

Dec 21, 2011, 07:03 ET

NASSAU, The Bahamas, Dec. 21, 2011 /PRNewswire/ -- H. Hunter "Terry" White III and his family have acquired Lynum Investment Group Ltd.'s shares in the New Providence Development Company Limited (NPDCo).

Since 1998, the diversified Bahamian land development company has been jointly owned and operated by the White family and Lynum Investment Group, an affiliate of Tavistock Group, which is a private investment company. Lynum Investment Group held 50 percent of NPDCo's outstanding shares.

With extensive landholdings on the island of New Providence, NPDCo is the developer of the prestigious Old Fort Bay gated community and its Old Fort Bay Club. The company is currently developing the 21.5-acre Old Fort Bay Town Centre, a $30 million mixed-use retail and commercial center. In addition to land development and related operations, NPDCo operates a potable water utility business, which services more than 1,000 homes in the area.

Formed in 1962 by Canadian entrepreneur E. P. Taylor, NPDCo went public on the Toronto Stock Exchange in 1968. Thirty years later, the majority of the company's shares were acquired by Mr. White and Lynum Investment Group.

"My family continues to be devoted to The Bahamas and is blessed to be able to increase our commitment to its future," White said.

"Tavistock will continue to focus its attention on Albany, a luxury resort and residential golf course community, which sits on land that was once a part of NPDCo's landholdings, while Mr. White and Tavistock remain partners in other land investments," said Jefferson Voss, a managing director of Tavistock Group. "Both Mr. White and Tavistock are committed to The Bahamas, and we are confident NPDCo will continue to enhance the western end of New Providence under Mr. White's leadership."

SOURCE Tavistock Group