Skyline Champion invests C$185M in ECN Capital for ~19.9% stake; forms captive finance company

Champion Homes, Inc.

Investment of C$185M for 33.55M common and 27.45M convertible preferred shares at C$3.04/share.
Skyline Champion will own ~19.9% of ECN Capital (converted basis) and gains board nomination.
Captive finance company formed (51% SKY, 49% Triad/ECN) for retail and floorplan financing.
Mark Yost, Skyline Champion CEO, to join ECN Capital's board at closing.
Closing expected September 2023, subject to TSX and HSR approvals.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Champion Homes, Inc. entered into Subscription Agreement with ECN Capital Corp. valued at approximately C$185 million (effective 2023-08-14).

Action: entry
Agreement: equity purchase
Counterparty: ECN Capital Corp.
Value: approximately C$185 million
Effective: 2023-08-14

Exact text from the filing

On August 14, 2023, Skyline Champion Corporation, an Indiana corporation (“Skyline Champion”) announced that it had entered into a share subscription agreement (the “Subscription Agreement”) with ECN Capital Corp. (“ECN Capital”), pursuant to which Skyline Champion has agreed to make an approximately C$185 million equity investment in ECN Capital on a private placement basis

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Champion Homes, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-043144

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