| 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 |
|---|
Amfac, Inc., formerly known asAmerican Factors and originallyH. Hackfeld & Co., was aland development company in Hawaii. Founded in 1898 as a retail and sugar business, it was considered one of the so-calledBig Five companies in theTerritory of Hawaii. At its peak, it owned 60,000 acres (24,000 ha) of land, was a dominant sugar company in Hawaii, and was the founder of one of its best known department store chains,Liberty House. It ended with the completion of a bankruptcy proceeding in 2005, with a small successor company,Kaanapali Land, LLC (OTC Pink:KANP), owning 5,000 acres (2,000 ha) of land inKaanapali on the island ofMaui.
In 1849, German immigrant Heinrich Hackfeld formed a dry goods store called Hackfeld's Dry Goods inHonolulu. Hackfeld later became the business agent forKōloa Plantation on the island ofKauaʻi.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.
DuringWorld War I, H. Hackfeld & Co. was seized by the U.S. governmentAlien 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 1933.[2] The family estate inNuʻuanu Valley, known as theH. Alexander Walker Residence, was developed into a showcase orchid garden.[3]
From 1968 to 1972, under president Henry Alexander Walker Jr., Amfac acquired 42 companies. These included theFred Harvey Company, which had grown to fame operatingHarvey House restaurants along railroad lines starting in 1876.[4] Expanding its holdings on Kaua'i, in 1975 Amfac acquired theKekaha Sugar Company.[5]
Gulf+Western Industries owned a 25% stake in the company, which was sold in 1983.
As of the 1970s, Amfac ran a variety of hospitality, retail, financial and other businesses inCalifornia, among other states. California was its second state after Hawaii. It operated:[6]
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.[7] Amfac was bought byChicago-basedJMB Realty in 1988 for $920 million.[8]
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 inWaipahu was closed in 1995.[9]Liberty House went into bankruptcy in 1998 (it was later acquired byFederated Department Stores and now carries theMacy's brand name). The Pioneer Mill inLahaina closed in 1999, and theKekaha Sugar Mill andLihue Plantation closed in 2000.[10][9] West Maui Land acquired the former Pioneer Mill fields above Launiupoko Beach Park.[11]Steve Case acquired the Lihue plantation in 2001.[12] Amfac Hawaii went intoChapter 11 bankruptcy in 2002.[13] Amfac Parks & Resorts was retained byJMB and was renamedXanterra Parks & Resorts. Amfac Hawaii was reorganized as Kaanapali Land, LLC and the bankruptcy closed in 2005.[14]Some of the former plantation land uphill from the resort has been subdivided into a development called Kāʻanapali Coffee Farms.[15]
State ofHawaii | |
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Honolulu (capital) | |
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| Main islands | |
| Northwestern Islands | |
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| Pre-statehood history | |
