Candy retailer acquired with eye to expansion
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The nation's largest specialty candy retailer may soon get even bigger.
BBX Capital Corp. has acquired It’Sugar for approximately $57 million. BBX said it plans to expand It'Sugar, which currently operates 95 locations in 26 states, by opening new retail stores in high-traffic leisure locations.
BBX has taken a 93% majority stake in the company. Jeff Rubin, founder and CEO of It'Sugar, will remain in his current position and continue to hold a "meaningful" membership interest. The specialty retailer will operate within the BBX Sweet Holdings vertical, which also includes Hoffman's Chocolates, Anastasia Confections, Droga Chocolates, and several other candy makers.
“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.”
During the 12 months ended April 30, 2017, It’Sugar generated net revenues of $78.4 million. Headquartered in Deerfield Beach, the company was founded by Rubin in 2006. Stores are bright and colorful with an irreverent edge, and designed to immerse customers in the sights, smells and tastes of their favorite sweets.
Previously, Rubin created F.A.O. Schwartz's candy business, F.A.O. Schweetz, and co-founded Dylan’s Candy Bar.