SOURCE: BBX Capital Corporation

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December 10, 2013 17:38 ET

BBX Capital Has Acquired Hoffman's Chocolates

Hoffman's Chocolates, a Family Tradition of Legendary Chocolates for Almost 40 Years

FORT LAUDERDALE, FL--(Marketwired - December 10, 2013) - BBX Capital Corporation ("BBX Capital") (NYSE: BBX) today announced that, through a wholly-owned subsidiary, it has acquired Hoffman's Chocolates and its subsidiaries Boca Bons and Good Fortunes ("Hoffman's"), a leading provider of premier chocolate products with a product line of over 70 varieties of confections.

Headquartered in Lake Worth, Florida, Hoffman's Chocolates is a manufacturer of gourmet chocolates, with several retail locations throughout South Florida. Established in 1975, it has been a favorite local brand for residents of Palm Beach County and throughout Florida. The Hoffman's Chocolate Factory, located in Lake Worth, Florida, is a popular tourist destination where guests from all over the world are greeted by the aroma of slow-simmering chocolate and caramel and watch the art of candy making first hand at its observation windows. The company is notable for its elaborate December holiday displays, including the Hoffman's Holiday Wonderland, and products such as gift baskets and chocolate covered pretzels. Notable creations include the "Snoodle" and Pecan Caramel "Jitterbugs." In 2009, Hoffman's acquired Good Fortunes, a made-to-order custom fortune cookie company. In 2010, Hoffman's also purchased Boca Bons, a premium wholesale brand that features elaborate packaging. Each of Hoffman's confections is hand made using time honored traditions of candy making. Its product line includes over 70 varieties of confections, which are available via its retail and online distribution channels, direct shipping throughout the U.S., and at Fresh Market store locations nationwide.

"Hoffman's Chocolates is a Florida success story that is built on a legacy of quality and service," commented Mr. Jarett Levan, President of BBX Capital. "We are very excited about the acquisition of Hoffman's Chocolates and welcome their staff and management to our family of BBX Capital companies."

"Sandra Hoffman and I are delighted with the opportunities and resources that BBX Capital brings to Hoffman's Chocolates. For almost four decades, the South Florida community has embraced Hoffman's products, and we are excited to continue to grow the company," commented Fred Meltzer, President of Hoffman's Chocolates.

BBX Capital Partners, a subsidiary of BBX Capital, managed the negotiation of and due diligence on this transaction, and post-closing will serve as portfolio and investment managers on behalf of BBX Capital. 

About BBX Capital Corporation:  

BBX Capital (NYSE: BBX) is involved in the ownership, financing and management of, and investment in, real estate and real estate related assets and operating businesses. In addition to its 46% ownership interest of Bluegreen Corporation via its investment in Woodbridge Holdings, LLC, and its 81% ownership interest of Canadian headquartered Renin Corp., the business of BBX Capital includes real estate ownership, direct acquisition and joint venture equity in real estate, specialty finance, and investments in middle market operating businesses. For more information, visit www.BBXCapital.com.

About Hoffman's Chocolates:  A family tradition of legendary chocolates began almost 40 years ago in a small chocolate shop in Lake Worth, Florida, with a commitment to use the finest and freshest ingredients from around the world. Hoffman's product lines includes over 70 varieties of confections, as well as Kosher O-U chocolates, Boca Bons and Good Fortune cookies, and are available via its retail store locations, internet, or the Fresh Market store locations nationwide. For more information, visit www.Hoffmans.com, www.BocaBons.com, and www.GoodFortunes.com.

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 and include words or phrases such as "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. 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: the risk that the integration of Hoffman's Chocolates may not be completed on a timely basis, or as anticipated; that the transaction may not be advantageous to BBX Capital; and that BBX Capital may not realize any anticipated benefits. 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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