SOURCE: BBX Capital Corporation

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April 06, 2015 16:07 ET

BBX Capital Acquires Kencraft Candy

FORT LAUDERDALE, FL--(Marketwired - April 06, 2015) - BBX Sweet Holdings, a wholly-owned subsidiary of BBX Capital Corporation ("BBX Capital") (NYSE: BBX), announced today that it has acquired the assets of Kencraft, Inc. "Kencraft Candy." 

Headquartered in a 50,000 square foot production facility in American Fork, near Salt Lake City, Utah, Kencraft Candy has a long history of manufacturing elegantly designed homemade hard candies in the USA. Established in 1969, Kencraft Candy is well known for their Lollipops, LolliKits, LolliLetters, Candy Sticks, Candy Canes, Bubblegum Buddies, Royal Icing Decorations, and Panoramic Sugar Easter Eggs. Kencraft Candy is recognized nationally and has customer distribution in numerous sales channels.

"We are extremely excited to announce our most recent acquisition of Kencraft Candy," said Jarett Levan, President of BBX Capital and CEO of BBX Sweet Holdings. "As we focus on continuing to extend our reach into the confections industry, the acquisition of Kencraft Candy is a great strategic fit and expands our unique and growing number of product offerings in the confectionary category. Today's acquisition of Kencraft Candy provides us with the ability to deliver more product choices to our customers and consumers."

Justin Boyle will continue his role as President of Kencraft Candy. "Combining our manufacturing capabilities and facility with BBX Sweet Holdings' sales and distribution network will position Kencraft Candy for the future," said Justin Boyle. "I am very excited to be a part of the BBX Sweet Holdings family and excited about the opportunities and resources that BBX Capital brings to Kencraft Candy."

For further information about Kencraft or to place an order, please visit www.KencraftCandy.com.

About BBX Sweet Holdings:
BBX Sweet Holdings, a wholly owned subsidiary of BBX Capital (NYSE: BBX), invests in and acquires manufacturers, wholesalers, and retailers of chocolate and confectionary products. BBX Sweet Holdings has expanded to include seven nationally recognized brands including Anastasia Confections, Helen Grace Chocolates, Hoffman's Chocolates, Jer's Chocolates, Kencraft Candy, The Toffee Box, and Williams & Bennett.

About BBX Capital Corporation:
BBX Capital (NYSE: BBX) is involved in the acquisition, ownership, management of, joint ventures and investments in real estate and real estate development projects, as well as acquisitions, investments and management of middle market operating businesses. In addition, BBX Capital and its holding company, BFC Financial Corporation (OTCQB: BFCF), have a 46% and 54% respective ownership interest in Bluegreen Corporation. As a result of their ownership interests, BBX and BFC together own 100% of Bluegreen. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 65 owned or managed resorts, and access to more than 4,500 resorts worldwide.

As of December 31, 2014, BBX Capital had total consolidated assets of $392.9 million, shareholders' equity attributable to BBX Capital of approximately $309.8 million, and total consolidated equity of approximately $311.3 million. BBX Capital's book value per share at December 31, 2014 was $19.16.

For further information, please visit our family of companies:
BBX Capital: www.BBXCapital.com
Bluegreen Corp.: www.BluegreenVacations.com
Renin Corp.: www.ReninCorp.com
RoboVault: www.RoboVault.com
BBX Sweet Holdings: www.BBXSweetHoldings.com
BFC Financial Corporation: www.BFCFinancial.com

About BFC Financial Corporation :
BFC (OTCQB: BFCF) (OTCQB: BFCFB) is a holding company whose principal holdings include a 51% ownership interest in BBX Capital Corporation (NYSE: BBX) and its indirect ownership interest in Bluegreen Corporation. BFC owns a 54% equity interest in Woodbridge, the parent company of Bluegreen. BBX Capital owns the remaining 46% equity interest in Woodbridge. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 65 owned or managed resorts, and access to more than 4,500 resorts worldwide. BBX Capital, a New York Stock Exchange listed company, is involved in the acquisition, ownership, management of, joint ventures and investments in real estate and real estate development projects, as well as acquisitions, investments and management of middle market operating businesses. 

As of December 31, 2014, BFC had total consolidated assets of approximately $1.4 billion, shareholders' equity attributable to BFC of approximately $252.9 million, and total consolidated equity of approximately $446.7 million. BFC's book value per share at December 31, 2014 was $3.03. 

This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements. The forward looking statements in this press release are also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and involve substantial risks and uncertainties. We can give no assurance that such expectations will prove to have been correct. Actual results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. These risks and uncertainties include the impact of economic, competitive and other factors affecting BBX Capital and its operations, markets, products and services, as well as others including but not limited to: that the Company may not realize the anticipated benefits or generate profits from its investments and/or acquisition transactions; the risk that the integration of Kencraft Confections may not be completed on a timely basis, or as anticipated; that Kencraft Confections products may not be advantageous to BBX Capital. In addition to the risks and factors identified above, reference is also made to the risks and uncertainties detailed in reports filed by BBX Capital with the SEC, including the "Risk Factors" sections thereof, which may be viewed on the SEC's website at www.sec.gov. The Company cautions that the foregoing factors are not exclusive.

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