Bluegreen Vacations files for IPO to raise $100M

Company is owned by Woodbridge, a subsidiary of BBX Capital

(Credit: Bluegreen Vacations)
(Credit: Bluegreen Vacations)

Bluegreen Vacations, a Boca Raton-based timeshare company, filed for an initial public offering on Monday to raise $100 million.

According to the offering, filed with the Securities and Exchange Commission, the company proposes to have it shares traded on the New York Stock Exchange under the symbol BXG. It does not specify an expected share price or date to go public.

Bluegreen Vacations markets and sells timeshares at a total of 66 resorts it either owns or at which it has vacation ownership interests, in such places as Orlando, Las Vegas, Myrtle Beach and Charleston, South Carolina. It has 210,000 timeshare owners in its vacation club, who have an average income of $75,000, according to the offering.

The company is owned by Woodbridge, a subsidiary of publicly traded BBX Capital, and Bluegreen will not receive any proceeds of the sale of shares, the offering shows. The parent company plans to use the proceeds for working capital, potential acquisitions and development of vacation properties, sales and marketing activities, capital expenditures and possibly to repay debt.

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Bluegreen was founded in 1985 as Patten Corp., focusing on land sales to consumers. It entered the vacation ownership industry in 1994, and changed its name to Bluegreen Corp. in 1996. From 1986 through April 2, 2013, it was listed on the New York Stock Exchange, until all of its shares were acquired by Woodbridge and it became a subsidiary. On Sept. 25, it changed its name to Bluegreen Vacations Corp.

Bluegreen Vacations is led by Shawn B. Pearson, who joined as CEO and president in February.

The company earned $75 million on $663 million in revenue in 2016, and $41 million on $321 million in revenue in the first six months of this year, the offering shows.