BBX Capital has acquired Droga Chocolates

BBX Capital has acquired Droga Chocolates

US private-equity firm BBX Capital Corp. has announced the acquisition of California-based Droga Chocolates.

The deal, struck for an undisclosed sum, was made through BBX's confectionery arm BBX Sweet Holdings, built in recent years through M&A.

BBX said Droga Chocolates is a manufacturer of "all natural ... classic confections...with modern twists" including Money on Honey, Nutty Puddles, Peanut Butter Bots, Rebel Rocky Road and Big Bite Brittle.

Its products are sold through various distribution channels including natural and mainstream grocery chains, gift shops, online and at speciality retailers in the US, Canada, the UK and Japan.

Jarett Levan, president of BBX Capital and CEO of BBX Sweet Holdings, said: "As we focus on continuing to extend our reach into the confections industry, the acquisition of Droga is a great strategic fit for our portfolio and expands our growing number of product offerings in the confectionery and indulgent snack category."

Show the press release

FORT LAUDERDALE, Florida – June 1, 2015 -- BBX Sweet Holdings, a wholly-owned subsidiary of BBX Capital Corporation (“BBX Capital”) (NYSE: BBX), announced today that it has acquired the assets of Droga Chocolates (“Droga”).
Headquartered in Los Angeles, California, Droga reimagines classic confections by combining nostalgic flavors with modern twists using premium, all natural ingredients. Its award winning chocolate feature among other products, Money on Honey, Nutty Puddles, Peanut Butter Bots, Rebel Rocky Road and Big Bite Brittle. Its products are sold through various distribution channels including natural and mainstream grocery chains, gift shops, online and at specialty retailers across the United States, Canada, United Kingdom and Japan.

Michelle Crochet, Founder of Droga, will continue her role as President of Droga Chocolates.

“We are extremely excited to announce our most recent acquisition of Droga Chocolates,” said Jarett Levan, President of BBX Capital and CEO of BBX Sweet Holdings. “As we focus on continuing to extend our reach into the confections industry, the acquisition of Droga is a great strategic fit for our portfolio and expands our growing number of product offerings in the confectionary and indulgent snack category. We look forward to working with Michelle to grow and enhance the BBX Sweet Holdings business. Her passion for brand building and expertise in the confections arena will be valuable for BBX Sweet Holdings companies.”

“Inspired by my mother’s ingenuity and a love for all things chewy, gooey, crunchy and sweet, my love and passion for good food was deepened through my time spent living in Italy as well as three years as a food buyer for a national luxury kitchen retailer,” said Michelle Crochet, Founder and President of Droga Chocolates. “I founded Droga in 2007 to create and deliver delicious treats that delight by focusing on what matters most – taste, quality and fun. I am delighted that Droga will be part of the BBX Sweet Holdings family and excited to have the resources and experience of BBX Capital as we work together to build the brand.”

Original source: BBX Capital