America’s biggest specialty candy retailer has been bought for $97 million in a deal that will put more stores on city streets.
BBX Capital Corporation acquired the Florida-based IT’SUGAR, LLC, which currently has 95 locations in 26 states generating $78 million a year.
BBX Capital said its investment represents 93 percent stake in the candy company. Jeff Rubin, IT’SUGAR’s founder and CEO, will remain in his current position and continue to hold a “meaningful membership interest.ˮ
The deal will expand BBX Capital’s retail confectionary footprint — which operates as BBX Sweet Holdings and includes Hoffman’s Chocolates — to more than 100 locations.
“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.”
“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,” said Jeff Rubin.