The former owners of BankAtlantic are pairing sweets with their soured assets.
On Tuesday, BBX Capital (BBX) in Fort Lauderdale, Fla., announced it acquired Hoffman's Chocolates, a 40-year-old confection company in Lake Worth. Hoffman's is a popular tourist attraction throughout Florida and is known for its elaborate December holiday displays, BBX said in a press release. The price of the acquisition was not disclosed.
"Hoffman's Chocolates is a Florida success story that is built on a legacy of quality and service," Jarett Levan, the president of BBX Capital, said in a press release.
BBX was once the largest shareholder in the $3.8 billion-asset BankAtlantic. BB&T acquired the operations of the troubled bank in 2012 for $316 million, while BBX and affiliates kept nearly $350 million of the bank's nonperforming and other assets to be worked out separately.
BBX now describes itself as an investor in, and manager of, real estate and related assets and businesses. It has a 46% interest in BlueGreen Corp., a Boca Raton company that brokers sales of timeshare properties and manages resorts. It also recently bought a majority stake in Renin Corp., a Canadian manufacturer of building supplies and home-improvement products.
BBX also entered the business of buying problem commercial loans and pursuing collections, Vice Chairman Jack Abdo said this summer. "We are looking to buy assets that we can pursue from banks that really don't want to do it themselves," Abdo said. "They don't want to dirty their hands. They don't have the stomach for the legal costs."