BBX Capital acquires Helen Grace Chocolates
Move marks fourth chocolate company acquisition for BBX
BBX Sweet Holdings, a wholly-owned subsidiary of BBX Capital Corp. (BBX Capital) has acquired the assets of Helen Grace Chocolates.
It’s the fourth chocolate company BBX has acquired in the past year. The company also acquired Jer’s Chocolates on July 1, 2014, Williams & Bennett on Jan. 13, 2014, and Hoffman's Chocolates on Dec. 1, 2013.
Headquartered in Lynwood, Calif., Helen Grace Chocolates has been creating premium chocolate confections, chocolate bars, chocolate candies, and truffles for 70 years.
The company has built a national brand by combining a proprietary blend of premium chocolates, the freshest ingredients, and time-honored recipes.
“The story of Helen Grace Chocolates is a story of the American Dream,” says Jarett Levan, BBX Capital president. “Starting with nothing, Bill and Helen Grace opened their first chocolate shop in San Pedro, Calif. in 1944. Eventually they opened additional stores, began selling candy to schools for fund-raising campaigns, and grew to be a Southern Californian candy legacy.”
Greg Power, Helen Grace Chocolates’ general manager, says that after 24 years with Helen Grace, he’s pleased to join BBX Sweet Holdings and “carry on the Helen Grace devotion to its product and customers.”
Helen Grace is known for selling its chocolates through the fundraising program Innisbrook Wraps, and Levan says that will continue after the transition.
“For many years Helen Grace Chocolates has helped schools and other organizations reach their fundraising goals through sales of their premium boxed chocolates, chocolate Easter eggs, and chocolate bars sold exclusively through the national fundraising programs of Innisbrook Wraps,” he explains. “As part of the transaction, Helen Grace will continue to be the exclusive provider of chocolate and chocolate gift items to Innisbrook.”
“The addition of Helen Grace Chocolates to the suite of premier brands at BBX Sweet Holdings creates the potential for a new pipeline of synergies, product choices, and offerings to Innisbrook,” says David Worth, Innisbrook’s president. “We are excited about the new brands and products Helen Grace Chocolates and BBX Sweet Holdings can offer to our fundraising customers.”
Helen Grace Chocolates was represented by the investment bank 41 North Advisors LLC as their exclusive advisor in the transaction.
BBX Capital, a New York Stock Exchange listed company (NYSE: BBX), is involved in the acquisition, ownership and management of, and joint ventures and investments in real estate and real estate development projects as well as investments and management of middle market operating businesses.