BBX Capital (BBX), was a bank holding company and its principal asset was the ownership of BankAtlantic, prior to the sale of BankAtlantic to BB&T Corporation on July 31, 2012. Since the sale of BankAtlantic, BBX Capital has been repositioning its business, monetizing its legacy portfolios of loans and real estate, and pursuing its goal of transitioning into a growth business by focusing on real estate opportunities and acquiring operating businesses. As of December 31, 2015, BBX Capital had total consolidated assets of $393.5 million, shareholders’ equity attributable to BBX Capital of $334.8 million, and total consolidated equity of $336.0 million.
BBX Capital’s principal assets currently consist of 46% ownership interest in Woodbridge Holdings, LLC (”Woodbridge”). Woodbridge’s principal asset is its 100% ownership of Bluegreen Corporation (”Bluegreen”). The remaining 54% of Woodbridge is owned by BBX Capital’s controlling shareholder; BFC Financial Corporation (”BFC Financial”). BFC Financial owns shares of BBX Capital’s Class A and Class B Common Stock representing an approximately 81% ownership interest in BBX Capital. BBX Capital’s assets also comprise its ”legacy assets” (assets transferred to BBX Capital in connection with, or held by BBX Capital prior to, the sale of BankAtlantic to BB&T Corporation), investments in eleven real estate joint ventures, and BBX Capital Partners which includes acquired businesses within BBX Sweet Holdings as well as an 81% ownership interest in Renin Corporation.
BBX Capital operates through three reportable business segments – BBX, Renin and Sweet Holdings.
The BBX reportable segment consists of the activities associated with managing the commercial loan portfolio, real estate properties of BBX Capital and its consolidated subsidiaries, including the portfolio of BankAtlantic’s previously charged off loans, BBX Capital’s investment in Woodbridge (the parent company of Bluegreen) and investments in real estate developments and real estate joint ventures.
Bluegreen is a sales, marketing and resort management company, focused on the vacation ownership industry and pursuing a capital-light business strategy. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 199,000 owners, over 66 owned or managed resorts, and access to more than 4,500 resorts worldwide. Bluegreen also, offers a portfolio of comprehensive, turnkey, fee-based services, including resort management services, financial services, and sales and marketing services, to or on behalf of third parties. Bluegreen was founded in 1966 and headquartered in Boca Raton, Florida.As of December 31, 2015, Bluegreen had total assets of $1.1 billion and for the year ended December 31, 2015 Bluegreen had system-wide sales of Vacation Ownership Interests (“VOIs”) of $552.7 million, other fee-based services revenue of $97.5 million, net income of $82.0 million, EBITDA of $143.2 million, and generated “free cash flow” (cash flow from operating activities less capital expenditures) of $72.1 million.
At December 31, 2015, the BBX reportable segment had investments in the following real estate joint ventures: Altis at Bonterra, Bonterra – CC Homes; Village at Victoria Park; Altis at Lakeline; Altis at Kendall Square; Kendall Commons; Bayview; PGA Station; PGA Design Center; Gardens on Millenia; the Addison on Millenia, CCB Miramar, LLC; and Centra Falls, LLC. As of December 31, 2015, investments in unconsolidated real estate joint ventures amounted to approximately $43.0 million. In addition, “legacy assets” were $140.2 million as of December 31, 2015.
The Renin reportable segment consists of the activities of Renin Holdings, LLC and its subsidiaries (”Renin”). Renin markets, manufactures and designs specialty doors, systems and hardware products in Canada, the United States, and Europe. Since 1960, Renin has been developing innovated products including glass and mirror doors, contemporary room dividers, specialty track and hardware systems, and barn door style doors and hardware. The company markets its products to the new construction and home improvement industries under the brands Renin, Truporte, Acme, and other private label brands. Renin had total assets as of December 31, 2015 of $22.8 million. BBX Capital owns 81% of Renin and BFC Financial Corporation owns the remaining 19%.
The Sweet Holdings reportable segment invests in and acquires manufacturers, wholesalers, and retailers of chocolate and confectionary products. These business acquisitions had total assets as of December 31, 2015 of $36.9 million. BBX Sweet Holdings segment includes Hoffman’s Chocolates, Williams and Bennett, Helen Grace Chocolates, Jer’s Chocolates, Anastasia Confections, Kencraft Confections, Droga Chocolates and the Toffee Box.
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