BBX Capital acquires US candy retailer IT'SUGAR
Investment holding company BBX Capital has acquired US-based speciality candy retailer IT'SUGAR for $57m.
With a network of 95 locations in 26 states and Washington, DC, IT'SUGAR will operate within the BBX Sweet Holdings vertical.
For the year ending 30 April 2017, the candy retailer reported net revenues of $78.4m.
Even after the acquisition, IT'SUGAR founder and CEO Jeff Rubin will continue in his current position.
BBX Capital president Jarett Levan said: "IT'SUGAR has had great success expanding its presence across the US as a modern day candy playground, and we are very pleased to partner with Jeff Rubin and the IT'SUGAR management team to support continued expansion of its retail footprint and grow the brand in other channels."
The acquisition will see BBX Capital expand its retail confectionary footprint, which includes Hoffman's Chocolates, to more than 100 locations.
According to the company, the acquisition is expected to be immediately accretive.
BBX Sweet Holdings' total annual wholesale and retail revenues for this year are estimated to be between $110m and $115m.
The company further added that the acquisition will bolster its position in the confection industry.
BBX Capital is also planning to further expand IT'SUGAR by opening new retail locations in high-traffic leisure locations.