Bluegreen Vacations is a leading vacation ownership (timeshare) company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. Its resort network includes 42 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (Vacation Club) have the right to use most of the units in connection with their VOI ownership) and 24 Club Associate Resorts (resorts in which owners in our Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Its Club Resorts and Club Associate Resorts are primarily located in popular, high-volume, “drive-to” vacation locations, including Orlando, Las Vegas, Myrtle Beach and Charleston, among others. Through its points-based system, the approximately 210,000 owners in its Vacation Club have the flexibility to stay at units available at any of the resorts and have access to almost 11,000 other hotels and resorts through partnerships and exchange networks.
The company’s Vacation Club has grown from approximately 170,000 owners as of December 31, 2012 to approximately 210,000 owners as of July 31, 2017. It primarily serves a demographic underpenetrated within the vacation ownership industry, as the typical Vacation Club owner has an average annual household income of approximately USD75,000 as compared to an industry average of USD90,000. According to the most recent U.S. census data, households with an annual income of USD50,000 to USD100,000 represent the largest percentage of the total population (approximately 29%). The company believes it has the ability to effectively scale its transaction size to suit customers, as well as its high-quality, conveniently-located, “drive-to” resorts are attractive to this targeted demographic.
|
Bluegreen Vacations (BXG) IPO details |
|
| Subscription Date | 17 November 2017 |
| Price Band | USD16 – 18 per share |
| Core IPO Size | 6,498,648 shares (USD103.98 – 116.98 million) |
| Over-allotment option | 974,797 shares (USD15.60 – 17.55 million) |
| Total IPO size | 7,473,445 shares (USD119.58 – 134.53 million) |
| Listing On | NYSE: BXG |
|
Bluegreen Vacations’ consolidated financial performance (in USD mil.) |
||||
| 2015 | 2016 | H1 2017 | ||
| Total revenue | 617.6 | 662.6 | 320.6 | |
| Cost of revenue | 493.3 | 537.7 | 248.4 | |
| Profit after tax | 70.3 | 74.9 | 40.6 | |
Source: Bluegreen Vacations’ S-1 Filing
|
Major shareholders in Bluegreen Vacations |
||
| Beneficial owner |
Number of shares |
% of shares before the IPO |
| Woodbridge Holdings, LLC |
70,997,732 |
100 |
Source: Bluegreen Vacations’ S-1 Filing
Bluegreen Vacations Corp
4960 Conference Way North
Suite 100, Boca Raton
Florida 33431
Phone: +1 561 912 8000
Website: www.bluegreenvacations.com
Earnings Per Share (EPS): USD1.05
Price/Earnings (P/E) ratio: 15.15 – 17.05
IPO Date: 17 November 2017
Listing Price on NYSE: To be updated
Closing Price on NYSE: To be updated
