Bluegreen files for $100M stock offering

Boca timeshare would list under ‘BXG’ symbol

BOCA RATON — Bluegreen Vacations in Boca Raton, a growing timeshare company, has filed with regulators to raise $100 million in an initial public stock offering.

The proceeds would go to parent company BBX Capital in Fort Lauderdale, a spokesman said. They are earmarked for working capital, potential acquisitions, development of vacation properties and repayment of debt, according to the filing with the Securities and Exchange Commission.

Bluegreen and BBX Capital have applied to list the common stock on the New York Stock Exchange under the symbol “BXG.”

Bluegreen is a sales, marketing and real estate business that specializes in vacation resort timeshare properties around the country. The company has been rebounding since the recession, with more than 200,000 owners, 66 owned or managed resorts, and access to more than 4,500 resorts worldwide.

In June, Shawn Pearson was named Bluegreen’s chief executive officer. Pearson, 39, was previously CEO of another BBX Capital subsidiary, Renin Holdings, a closet door manufacturer in Ontario, Canada.

Parent company BBX Capital, which is led by Alan Levan, is a diversified company that is partnering with established companies to construct apartment buildings. BBX also has “early stage” holdings that include Hoffman’s Chocolates retail stores, which are being expanded in Broward and Palm Beach counties, a wholesale chocolate operation and the MOD Pizza franchise for Florida.