SOURCE: BBX Capital Corporation

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June 01, 2015 17:00 ET

BBX Sweet Holdings Acquires Droga Chocolates

FORT LAUDERDALE, FL--(Marketwired - June 01, 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 Droga Chocolates ("Droga").

Headquartered in Los Angeles, California, Droga reimagines classic confections by combining nostalgic flavors with modern twists using premium, all natural ingredients. Its award winning chocolate feature among other products, Money on Honey, Nutty Puddles, Peanut Butter Bots, Rebel Rocky Road and Big Bite Brittle. Its products are sold through various distribution channels including natural and mainstream grocery chains, gift shops, online and at specialty retailers across the United States, Canada, United Kingdom and Japan.

Michelle Crochet, Founder of Droga, will continue her role as President of Droga Chocolates.

"We are extremely excited to announce our most recent acquisition of Droga Chocolates," 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 Droga is a great strategic fit for our portfolio and expands our growing number of product offerings in the confectionary and indulgent snack category. We look forward to working with Michelle to grow and enhance the BBX Sweet Holdings business. Her passion for brand building and expertise in the confections arena will be valuable for BBX Sweet Holdings companies."

"Inspired by my mother's ingenuity and a love for all things chewy, gooey, crunchy and sweet, my love and passion for good food was deepened through my time spent living in Italy as well as three years as a food buyer for a national luxury kitchen retailer," said Michelle Crochet, Founder and President of Droga Chocolates. "I founded Droga in 2007 to create and deliver delicious treats that delight by focusing on what matters most -- taste, quality and fun. I am delighted that Droga will be part of the BBX Sweet Holdings family and excited to have the resources and experience of BBX Capital as we work together to build the brand."

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 eight nationally recognized brands including Anastasia Confections, Droga Chocolates, Helen Grace Chocolates, Hoffman's Chocolates, Jer's Chocolates, Kencraft, The Toffee Box, and Williams & Bennett.

About BBX Capital Corporation:
BBX Capital (NYSE: BBX) is involved in the acquisition, ownership and 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 controlling shareholder, BFC Financial Corporation (OTCQB: BFCF), have a 46% and 54% respective ownership interest in Bluegreen Corporation. As a result of their ownership interests, BBX Capital and BFC together indirectly 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 March 31, 2015, BBX Capital had total consolidated assets of $385.5 million, shareholders' equity attributable to BBX Capital of approximately $312.2 million, and total consolidated equity of approximately $313.5 million. BBX Capital's book value per share at March 31, 2015 was $19.30.

For further information, please visit our family of companies:
BBX Capital: www.BBXCapital.com
Bluegreen Corporation: www.BluegreenVacations.com
BBX Capital Real Estate: www.BBXCapitalRealEstate.com
BBX Capital Partners: www.BBXCapitalPartners.com
BBX Sweet Holdings: www.BBXSweetHoldings.com
Renin Corporation: www.ReninCorp.com
BFC Financial Corporation: www.BFCFinancial.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. 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 Droga Chocolates may not be completed on a timely basis, or as anticipated; that the Droga Chocolate acquisition and products may not be advantageous to or profitable for 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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