Skyline Corporation ("Skyline") and Champion Enterprises
Holdings, LLC ("Champion"), the parent company of Champion Home
Builders, Inc., today announced the closing of the previously
announced combination of their operations. The combined company
will now operate as Skyline Champion Corporation and its common
stock will trade on the New York Stock Exchange under the ticker
symbol "SKY." Skyline had previously traded on the NYSE American
exchange under the same ticker symbol.
“We are very excited to close the transaction and look forward
to operating as Skyline Champion Corporation,” said Keith Anderson,
Skyline Champion’s Chief Executive Officer. “Skyline Champion is
now the largest independent publicly traded factory-built housing
company in the United States with combined revenue of more than
$1.3 billion. The increased size and scale, coupled with a strong
balance sheet and significant cash flow generation capability, has
us well positioned to execute our long term growth strategy.”
“There is a tremendous opportunity for Skyline Champion to take
advantage of the attractive market dynamics in the industry given
our broader geographic footprint across North America and our
enhanced product offering. We will remain committed to providing
quality products and outstanding customer service as we focus on
executing our strategy on our newly enhanced platform.”
“As we integrate the businesses, we continue to expect to
achieve synergies of approximately $10 to $15 million, primarily
driven by direct cost savings, reduced overhead costs and
operational improvement opportunities. Additional synergies are
expected through cross-selling and distribution optimization
through the combined company's owned and independent dealer
network.”
“The complementary cultures and shared values of our legacy
businesses are evident in the deep commitment to providing
solutions to customers and delivering a broad range of quality
products and value-added services. I am confident that this will
translate into future success of Skyline Champion.”
“I would like to thank the employees of both Skyline Corporation
and Champion for all the hard work and cooperation during the past
few months and look forward to the success of our new unified
family of Skyline Champion Corporation.”
In conjunction with the closing of the transaction, Skyline
issued approximately 47.8 million shares to Champion, representing
84.5% of the common stock of the combined company on a
fully-diluted basis. Skyline also declared a special cash dividend
of $0.62381 per share of Skyline’s common stock that was paid on
May 31, 2018 to Skyline’s shareholders of record at the close of
business on May 25, 2018.
Jefferies LLC served as financial advisor to Skyline and Barnes
& Thornburg LLP acted as Skyline's legal counsel. Ice Miller
LLP acted as legal counsel to Skyline's Special Committee of the
Board. RBC Capital Markets, LLC served as financial advisor to
Champion and Ropes & Gray LLP acted as Champion's legal
counsel. Taft Stettinius & Hollister LLP acted as Indiana legal
counsel to Champion.
About Skyline Champion Corporation:
OUR COMPANY
Skyline Champion Corporation (NYSE: SKY) was formed in June of
2018 as the result of the combination of Skyline Corporation and
the operating assets of Champion Enterprises Holdings, LLC. The
combined company employs more than 6,800 people and is the largest
independent factory-built housing company in North America. With
more than 65 years of homebuilding experience and 36 manufacturing
facilities throughout the United States and western Canada, Skyline
Champion is well positioned with a leading portfolio of
manufactured and modular homes, park-models and modular buildings
for the multi-family, hospitality, senior and workforce housing
sectors.
In addition to its core home building business, Skyline Champion
operates a factory-direct retail business, Titan Factory Direct,
with 21 retail locations spanning the southern United States, and
Star Fleet Trucking, providing transportation services to the
manufactured housing and other industries from 10 dispatch
locations across the United States.
Skyline Champion builds homes under some of the most well know
brand names in the factory-built housing industry including Skyline
Homes, Champion Home Builders, Athens Park Models, Dutch Housing,
Excel Homes, Homes of Merit, New Era, Redman Homes, Shore Park,
Silvercrest, Titan Homes in the U.S. and Moduline and SRI Homes in
western Canada.
Learn more about our products and services the following company
brand websites:
Manufactured and Modular
Homeswww.championhomes.comwww.skylinehomes.com
Park Model
RVswww.athensparkmodelrvs.comwww.skylinervs.com
Modular Buildingswww.championcommercial.com
Retail Sales Centerswww.titanfactorydirect.com
Transportation Serviceswww.starfleettrucking.com
Forward-Looking Statements
Statements in this press release regarding the potential
benefits created by the transaction, including potential synergies,
the future strategy of Skyline Champion Corporation, and the future
performance of Skyline Champion Corporation are intended to be
covered by the safe harbor for "forward-looking statements"
provided by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements generally can be identified by use
of words such as "believe," "expect," "future," "anticipate,"
"intend," "plan," "foresee," "may," "should," "will," "estimates,"
"potential," "continue," or other similar words or phrases.
Similarly, statements that describe objectives, plans, or goals
also are forward-looking statements. Such forward-looking
statements involve inherent risks and uncertainties, many of which
are difficult to predict and are generally beyond the control of
Skyline Champion Corporation. Skyline Champion Corporation cautions
readers that a number of important factors could cause actual
results to differ materially from those expressed in, implied, or
projected by such forward-looking statements. Risks and
uncertainties include, but are not limited to: Skyline Champion
Corporation's inability to realize the expected benefits from the
proposed transaction, general economic conditions; availability of
wholesale and retail financing; the health of the U.S. housing
market as a whole; federal, state, and local regulations pertaining
to the manufactured housing industry; the cyclical nature of the
manufactured housing industry; general or seasonal weather
conditions affecting sales; potential impact of natural disasters
on sales and raw material costs; potential periodic inventory
adjustments by independent retailers; interest rate levels; the
impact of inflation; the impact of high or rising fuel costs; the
cost of labor and raw materials; competitive pressures on pricing
and promotional costs; Skyline Champion Corporation 's
relationships with its shareholders, customers, and other
stakeholders; catastrophic events impacting insurance costs; the
availability of insurance coverage for various risks to Skyline
Champion Corporation; market demographics; and management's ability
to attract and retain executive officers and key personnel and
other risks and uncertainties more fully described in Skyline's
definitive proxy statement for the special meeting of Skyline
shareholders to consider matters related to the transactions
between Skyline and Champion , as filed with the Securities and
Exchange Commission (“SEC”), as well as the other filings that
Skyline Champion Corporation makes with the SEC. Investors and
stockholders are also urged to read the risk factors set forth in
the proxy statement carefully.
If any of these risks or uncertainties materializes or if any of
the assumptions underlying such forward-looking statements proves
to be incorrect, the developments and future events concerning
Skyline Champion Corporation set forth in this press release may
differ materially from those expressed or implied by these
forward-looking statements. You are cautioned not to place undue
reliance on these statements, which speak only as of the date of
this document. We anticipate that subsequent events and
developments will cause our expectations and beliefs to change.
Skyline Champion Corporation assumes no obligation to update such
forward-looking statements to reflect events or circumstances after
the date of this document or to reflect the occurrence of
unanticipated events, unless obligated to do so under the federal
securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20180604005436/en/
Skyline Champion CorporationMedia:Laurie
Houghlhough@championhomes.comorInvestors:investorrelations@championhomes.com
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