NEW YORK, April 26, 2016 /PRNewswire/ -- S&P Capital IQ (MHFI) announced today that it has commenced Factual Stock Report coverage on B F C Financial Corp.
BFC Financial Corporation (BFCF) is a diversified holding company that invests in or acquires businesses that compete in a variety of industries. BFC Financial's principal holdings include its indirect ownership interest in Bluegreen and its ownership interest in BBX Capital.
Bluegreen is a wholly owned subsidiary of Woodbridge Holdings, LLC (''Woodbridge''). BFC Financial owns a 54% equity interest in Woodbridge. BBX Capital owns the remaining 46% equity interest in Woodbridge. As a result of their ownership interests, BFC Financial and BBX Capital together own 100% of Bluegreen
As of December 31, 2015, BFC Financial had total consolidated assets of $1.3 billion, shareholders' equity attributable to BFC Financial of $376.8 million, and total consolidated equity of $482.9 million. Net income attributable to BFC shareholders includes approximately 91% of Bluegreen Corporation's financial results.
Bluegreen Corporation: Bluegreen is a sales, marketing and resort management company, focused on the vacation ownership industry and pursuing a capital-light business strategy. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 199,000 owners, over 66 owned or managed resorts, and access to more than 4,500 resorts worldwide. Bluegreen also, offers a portfolio of comprehensive, turnkey, fee-based services, including resort management services, financial services, and sales and marketing services, to or on behalf of third parties.
Bluegreen was founded in 1966 and is headquartered in Boca Raton, Florida. As of December 31, 2015, Bluegreen had total assets of $1.1 billion, and for the twelve month period ended December 31, 2015 system-wide sales of Vacation Ownership Interests ("VOIs") of $552.7 million, other fee-based services revenue of $97.5 million, net income of $82.0 million, EBITDA of $143.2 million, and generated ''free cash flow'' (cash flow from operating activities less capital expenditures) of $72.1 million. BBX Capital: BBX Capital's principal asset until July 31, 2012 was its ownership of BankAtlantic Bancorp, Inc. and its subsidiaries (''BankAtlantic''). On July 31, 2012, BBX Capital completed the sale of BankAtlantic to BB&T Corporation. BBX Capital is comprised of BBX Capital Real Estate and BBX Capital Partners. BBX Capital operates through three reportable business segments - BBX, Renin and Sweet Holdings.
The BBX reportable segment consists of the activities associated with managing the commercial loan portfolio, real estate properties of BBX Capital and its consolidated subsidiaries, including the portfolio of BankAtlantic's previously charged off loans, BBX Capital's investment in Woodbridge (the parent company of Bluegreen) and investments in real estate developments and real estate joint ventures. (Bluegreen is described above.)
At December 31, 2015, the BBX reportable segment had investments in the following real estate joint ventures: Altis at Bonterra, Bonterra - CC Homes; Village at Victoria Park; Altis at Lakeline; Altis at Kendall Square; Kendall Commons; Bayview; PGA Station; PGA Design Center; Gardens on Millenia; the Addison on Millenia, CCB Miramar, LLC; and Centra Falls, LLC. As of December 31, 2015, investments in unconsolidated real estate joint ventures amounted to approximately $43.0 million. In addition, ''legacy assets'' were $140.2 million as of December 31, 2015.
The Renin reportable segment consists of the activities of Renin Holdings, LLC and its subsidiaries (''Renin''). Renin markets, manufactures and designs specialty doors, systems and hardware products in Canada, the United States, and Europe. Since 1960, Renin has been developing innovated products including glass and mirror doors, contemporary room dividers, specialty track and hardware systems, and barn door style doors and hardware. Renin markets its products to the new construction and home improvement industries under the brands Renin, Truporte, Acme, and other private label brands. Renin had total assets as of December 31, 2015 of $22.8 million. BBX Capital owns 81% of Renin and BFC Financial Corporation owns the remaining 19%.
The Sweet Holdings reportable segment invests in and acquires manufacturers, wholesalers, and retailers of chocolate and confectionary products. These business acquisitions had total assets as of December 31, 2015 of $36.9 million. BBX Sweet Holdings segment includes Hoffman's Chocolates, Williams and Bennett, Helen Grace Chocolates, Jer's Chocolates, Anastasia Confections, Kencraft Confections, Droga Chocolates and the Toffee Box.
S&P Capital IQ's Factual Stock Report coverage on B F C Financial Corp. will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit http://www.BFCFinancial.com for additional information.
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