BBX Capital and BFC Financial Announce an Agreement to Acquire Operations and Assets of Renin Corp.

BBX Capital and BFC Financial Announce an Agreement to Acquire Operations and 
Assets of Renin Corp. 
Renin Corp. -- a Leading Manufacturer of Building Supply and Home
Improvement Products, With Operations in Canada, U.S., U.K., and Asia 
FORT LAUDERDALE, FL  -- (Marketwired) -- 10/25/13 --  BBX Capital
Corporation ("BBX Capital") (NYSE: BBX) and BFC Financial Corporation
("BFC") (OTCQB: BFCF) today announced that affiliates created jointly
by them have agreed to acquire substantially all of the assets and
operations of Renin Corp. and its subsidiaries ("Renin"), a leading
manufacturer of interior closet doors, wall décor, hardware and
fabricated glass products. BBX Capital will own 81% and BFC will own
19% of the new company. 
Headquartered in Brampton, Ontario and with four current
manufacturing, assembly and distribution facilities in Brampton and
Concord, Ontario, Tupelo, Mississippi and the U.K., Renin services
diverse distribution channels including big box and independent home
improvement retailers, high volume builders, other manufacturers and
specialty retail outlets primarily in North America. The entire Renin
senior management team will continue in their roles post-acquisition,
led by current President and CEO, Mr. Kevin Campbell. Mr. Campbell
has held his current position since 2007 when Renin was created
through the merger of Canadian-based DSH Group, which Campbell joined
in 1987, and U.S.-based Home Décor.  
"We are very excited about the acquisition of Renin, and to be
associated with and investors in such a long-established company led
by Kevin Campbell and his excellent management team," said Messrs.
Jarett Levan and Phil Bakes, Co-Managing Partners of BBX Capital
Mr. Kevin Campbell, Renin's CEO, said: "My team and I could not be
more pleased that BBX Capital and BFC are the investors acquiring our
business. During the formal sale process, we met with many potential
suitors and BBX Capital and BFC embodied everything we could hope for
in a new owner, including a strong track record, solid financial
position and ability to close quickly. But more importantly, we've
been impressed with their style of investing focused on supporting
their management partners, facilitating and valuing operational
excellence and a l
onger term investment horizon." 
The transaction is expected to be completed by October 30, 2013. For
more information, see the Form 8-Ks filed by BBX Capital and BFC with
the SEC on October 25, 2013.   
BBX Capital Partners, a subsidiary of BBX Capital, and Snapper Creek
Equity Management, a subsidiary of BFC, managed the negotiation of
and due diligence on this transaction, and post-closing will serve as
portfolio and investment managers on behalf of BBX Capital and BFC
About BBX Capital Corporation: 
BBX Capital (NYSE: BBX) is involved in the ownership, financing and
management of, and investment in, real estate and real estate related
assets and operating businesses. In addition to its 46% ownership
interest of Bluegreen Corporation via its investment in Woodbridge
Holdings, LLC, the business of BBX Capital includes real estate
ownership, direct acquisition and joint venture equity in real
estate, specialty finance, and investments in middle market operating
businesses. For more information, visit 
About BFC Financial Corporation: 
BFC (OTCQB: BFCF) is a diversified holding company whose principal
holdings include controlling interests in BBX Capital Corporation
(NYSE: BBX) and Bluegreen Corporation. As of June 30, 2013, BFC had
total consolidated assets of approximately $1.4 billion,
shareholders' equity attributable to BFC of approximately $208.3
million, and total consolidated equity of approximately $364.6
million. For more information, visit 
About Renin Corporation: Renin is a market leading manufacturer of
interior and closet doors, wall décor, associated systems & hardware
and fabricated glass products through a portfolio of brand name and
private label offerings including Erias, DSH, Acme, KingStar,
TRUporte, Ramtrack and JJ Home Products. With facilities in Canada,
the U.S. and the U.K., Renin services its broad distribution channels
including big box building and home improvement supply retailers,
home centers, distributors, other building supply manufacturers,
volume builders and specialty retailers throughout North America and
other markets, including the UK. Renin invented the mirror closet
door 50 years ago and has been supplying innovative and quality
products around the world ever since. For more information, visit 
This press release contains forward-looking statements based on
current expectations that involve a number of risks and
uncertainties. All opinions, forecasts, projections, future plans or
other statements, other than statements of historical fact, are
forward-looking statements and include words or phrases such as
"believes," "will," "expects," "anticipates," "intends," "estimates,"
"our view," "we see," "would" and words and phrases of similar
import. The forward looking statements in this press release are also
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), and involve substantial risks and uncertainties. We
can give no assurance that such expectations will prove to have been
correct. Actual results could differ materially as a result of a
variety of risks and uncertainties, many of which are outside of the
control of management. These risks and uncertainties include the
impact of economic, competitive and other factors affecting the
companies and their operations, markets, products and services, as
well as others including but not limited to: that a transaction
between Renin Corp. and BBX Capital and BFC may not be completed on a
timely basis, on anticipated terms, or at all; the risk that the
integration of Renin Corp. may not be completed on a timely basis, or
as anticipated; that the transaction may not be advantageous to BBX
Capital and/or BFC; and that BBX Capital and BFC may not realize any
anticipated benefits. In addition to the risks and factors identified
above, reference is also made to the risks and uncertainties detailed
in reports filed by BBX Capital and BFC with the SEC, including the
"Risk Factors" sections thereof, which may be viewed on the SEC's
website at The companies caution that the foregoing
factors are not exclusive. 
BBX Capital Media contact: 
Caren Berg
Boardroom Communications
(954) 370-8999 
BBX Capital and BFC Financial Contact Info:
Investor Relations: 
Leo Hinkley
Managing Director, Investor Relations Officer
(954) 940-5300 
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