Source: BFC Financial Corporation & BBX Capital
MOD Super Fast Pizza Holdings, LLC ("MOD Pizza" or "MOD"), a pioneer
of fast-casual pizza, and BBX Capital Corporation ("BBX Capital") (NYSE: BBX)
today announced that BBX Capital has joined its growing family of
select franchisees. BBX Capital has created a new division with the goal
of developing 50 or more MOD locations throughout central and southern
Florida over the next seven years, including the major metropolitan
markets of Miami, Fort Lauderdale, Palm Beach, Orlando and Tampa. With
this agreement, MOD now has eight franchisees across the U.S., and
commitments to open approximately 200 franchise locations in 12 states
(California, Colorado, Missouri, Kansas, Michigan, Indiana, Ohio,
Kentucky, Georgia, South Carolina, North Carolina, and Florida).
MOD
currently has 152 locations across 18 states and the United Kingdom.
Founded by entrepreneurs Scott and Ally Svenson, MOD was inspired by the
couple's love of Italian street-style pizza, their desire for
authentic, affordable and fast dining options for their busy family and
the idea that a great company could be built around people. The Svensons
bring their experience from building two highly successful concepts --
Seattle Coffee Company and Carluccio's. MOD's team of advisors and
executives bring experience from iconic brands such as Starbucks, Apple,
Disney, McDonald's, Dunkin Donuts, and T-Mobile.
BBX Capital has
extensive financial, real estate, hospitality and restaurant
experience. In addition to its real estate portfolio, the company
currently owns Bluegreen Corporation, a vacation ownership company,
Hoffman's Chocolates, a manufacturer of gourmet chocolates with retail
locations throughout South Florida, and BBX Sweet Holdings, a portfolio
of candy companies throughout the United States. BBX Capital previously
owned BankAtlantic, one of the largest and oldest retail banks
headquartered in the state of Florida.
"For MOD, the single most
critical factor is ensuring that our franchisees echo our belief in the
value of a strong and vibrant culture in our stores. We continue to have
a simple goal in our franchising strategy -- to build deep
relationships with a select and limited set of distinguished
franchisees," said Scott Svenson, co-founder and CEO of MOD Pizza. "We
are humbled that the team at BBX Capital has joined the MOD family and
share our desire to build something new and very special. We know they
have the local market expertise and experience to help us spread the MOD
culture across their home State of Florida."
MOD, with a business
strategy of predominantly building company-owned stores, complemented
with a select group of culturally-aligned and highly experienced
franchisees, is nearing the completion of its team of U.S. franchisees.
"With the addition of one or two more U.S. franchisees, which would
bring our total to 10, we will have solidified our network of operators
who will help us grow across the country," said John Dikos, Vice
President of Partnerships of MOD Pizza.
"MOD has established
itself as a leader in the fast casual pizza category while offering
consumers an authentic, affordable and fast dining experience," said
Jarett Levan, President of BBX Capital. "MOD's strong brand,
people-first culture, and best-in-class customer service has positioned
MOD very well for continued growth, and we are very excited to be
teaming with Scott and Ally, and the entire MOD family to bring the
concept to Florida."
About MOD:MOD Pizza, a
pioneer of the fast casual pizza segment, was founded in Seattle in 2008
by entrepreneurs Scott and Ally Svenson. MOD's individual artisan-style
pizzas are made on demand, allowing customers to create their own
pizzas and salads, using fresh-pressed dough, signature sauces and over
30 toppings, for one price. MOD was recently ranked as America's fastest
growing chain restaurant by Technomic, earned a spot on the Inc. 5000 list as one of the fastest growing private companies in America in both 2015 and 2016 and was recognized by Fortune as
one of the "20 Best Workplaces in Retail" for its progressive hiring
practices and career growth opportunities. MOD has over 150 locations
system-wide across 18 states and the United Kingdom. At the core of MOD
is a purpose-led culture that is committed to being a force for good in
communities throughout the U.S. and abroad, creating not only a cool
place to eat, but an inspired place to work. For more information,
please visit www.modpizza.com.
About BBX Capital Corporation:BBX Capital (NYSE: BBX)
is involved in the acquisition, ownership and management of joint
ventures and investments in real estate and real estate development
projects, as well as acquisitions, investments and management of middle
market operating businesses. In addition, BBX Capital and its
controlling shareholder, BFC Financial Corporation, have a 46% and 54%
respective ownership interest in Bluegreen Corporation. As a result of
their ownership interests, BBX Capital and BFC together own 100% of
Bluegreen. As of June 30, 2016, BBX Capital had total consolidated
assets of $390.5 million, shareholders' equity attributable to BBX
Capital of $ 335.5 million, and total consolidated equity of $337.4
million. BBX Capital's book value per share at June 30, 2016 was $20.47.
For more information, please visit www.BBXCapital.com.
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