Fort Lauderdale, FL — IT’SUGAR, LLC has been purchased by BBX Capital Corp. for a approximately $57 million, net of cash acquired. Headquartered in Deerfield Beach, FL, IT’SUGAR is reported to be the largest specialty candy retailer in the U.S. with 95 locations in 26 states and Washington, DC.
BBX Capital reports its investment in IT’SUGAR represents 93 percent of the company’s interests, noting Jeff Rubin, IT’SUGAR founder and CEO, will remain in his current position and continue to hold a meaningful membership interest. “I am very excited for IT’SUGAR to join the BBX family of companies. IT’SUGAR will benefit from the industry knowledge and resources of BBX Capital to support our vision for growth,” says Rubin.
According to BBX Capital, the retailer had net revenue of $78.4 million for the 12 months ended April 30.
IT’SUGAR will operate within BBX Sweet Holdings, a wholly owned subsidiary of BBX Capital that invests in and acquires manufacturers, wholesalers, and retailers of chocolate and confectionery products. BBX Sweet Holdings’ other confectionery brands includes Hoffman’s Chocolates, Anastasia Confections, Droga Chocolates, Williams & Bennett, Helen Grace Chocolates, and Kencraft Confections.
The acquisition expands BBX Sweet Holding’s existing retail footprint, which includes Hoffman’s Chocolates, to more than 100 locations and the company maintains it plans to open additional IT’SUGAR locations. BBX Capital reports its Sweet Holdings’ wholesale and retail annual total revenues for 2017 are anticipated to be between approximately $110 million and $115 million.
“We are pleased to announce our investment in IT’SUGAR and believe the business is an excellent fit with the growth strategy of BBX Sweet Holdings,” commented Jarett Levan, president of BBX Capital. “IT’SUGAR has had great success expanding its presence across the United States 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.”