Bluegreen Corporation (NYSE: BXG)(“Bluegreen”), a leading timeshare sales, marketing and resort management company, announced that its Board of Directors is exploring other strategic alternatives for the Company’s Bluegreen Communities business segment, including a possible sale.
Led by President and Chief Executive Officer Daniel Koscher, Bluegreen Communities has operated for 45 years and focuses on the acquisition, development, marketing, and retail sale of master-planned residential communities in the Southwestern and Southeastern United States. As such, the operations of Bluegreen Communities do not align with Bluegreen’s long-term strategy of being a pure-play in the vacation ownership, resort and hospitality sectors.[member]
The Algon Group is leading an advisory team, including REH Capital Partners, LLC and Label & Co., in assisting the Company in the exploration of strategic alternatives for Bluegreen Communities.
There can be no assurance that any transaction regarding Communities or its assets will be pursued or completed. The Company does not intend to disclose developments with respect to the progress of its strategic alternative review process until such time as the Board of Directors approves or completes a transaction(s) or otherwise deems further disclosure appropriate.[/member]