8-K
filed October 19, 2023, 7:59 PM ET
ticker SKY
CIK 0000090896
M&A
confidence high
sentiment positive
materiality 0.85
Champion Homes, Inc. (SKY): M&A transaction — Skyline Champion closes acquisition of Regional Homes for ~$313M net cash plus $93M assumed debt
Champion Homes, Inc.
- Purchase price approx. $313M net of cash acquired; assumed debt of $93M primarily floor plan liabilities.
- Issued 379,248 shares to Sellers and 75,850 shares to Dana Jenkins, totaling $30M in stock.
- Heath Jenkins appointed President, Retail Operations, effective October 13, 2023.
- Transaction includes earnout provision and customary working capital adjustments.
- Skyline Champion funded the deal with cash on hand and $30M in common stock.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Champion Homes, Inc. incurred loan of available credit of $75,000,000 with Regional Enterprises, LLC and Triad Financial Services, Inc..
- Instrument
- loan
- Principal
- available credit of $75,000,000
- Counterparty
- Regional Enterprises, LLC and Triad Financial Services, Inc.
- Event
- incurrence
Exact text from the filing
CRH became the guarantor under the loan agreement with Regional Enterprises, LLC and Triad Financial Services, Inc., with available credit of $75,000,000
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Champion Homes, Inc. incurred loan of available credit of $45,000,000 with Regional Enterprises, LLC and Northpoint Commercial Finance LLC.
- Instrument
- loan
- Principal
- available credit of $45,000,000
- Counterparty
- Regional Enterprises, LLC and Northpoint Commercial Finance LLC
- Event
- incurrence
Exact text from the filing
Skyline Champion and CHB became the guarantors under the loan agreement with Regional Enterprises, LLC and Northpoint Commercial Finance LLC, with available credit of $45,000,000
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Heath Jenkins was appointed as President, Retail Operations at Champion Homes, Inc..
- Action
- appointed
- Role
- President, Retail Operations
Exact text from the filing
On the Closing Date, the board of directors of Skyline Champion appointed Heath Jenkins as President, Retail Operations, of Skyline Champion, effective as of the Closing Date.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Champion Homes, Inc. completed an acquisition involving Regional Holdings Corporation, Regional Underwriters, Inc., Heath Jenkins, Dana Jenkins for approximately $313,000,000, net of cash acquired, plus assumed debt, primarily related to inventory floor plan liabilities, of $93,000,000 (closed 2023-10-13).
- Action
- acquisition
- Counterparty
- Regional Holdings Corporation, Regional Underwriters, Inc., Heath Jenkins, Dana Jenkins
- Consideration
- approximately $313,000,000, net of cash acquired, plus assumed debt, primarily related to inventory floor plan liabilities, of $93,000,000
- Closing
- 2023-10-13
Exact text from the filing
being a “Regional Home Company”) from the Sellers and Dana Jenkins (collectively, the “Transaction”). On the Closing Date, Skyline, through Buyers, paid to Sellers approximately $313,000,000, net of cash acquired, plus assumed debt, primarily related to inventory floor plan liabilities, of $93,000,000. In addition, the Company issued 379,248 shares of common stock in
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Champion Homes, Inc. entered into Release Agreement with the Sellers and Dana Jenkins (effective 2023-10-13).
- Action
- entry
- Agreement
- settlement
- Counterparty
- the Sellers and Dana Jenkins
- Effective
- 2023-10-13
Exact text from the filing
the Sellers and Dana Jenkins entered into that certain Release Agreement, dated as of October 13, 2023 (the “Release Agreement")
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Champion Homes, Inc. entered into Amendment No. 1 to Securities Purchase Agreement and Company Disclosure Schedule with Regional Homes sellers and Impact Software, LLC (effective 2023-10-13).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Regional Homes sellers and Impact Software, LLC
- Effective
- 2023-10-13
Exact text from the filing
the parties thereto entered into that certain Amendment No. 1 to Securities Purchase Agreement and Company Disclosure Schedule, dated as of October 13, 2023 (the “Purchase Agreement Amendment")
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Champion Homes, Inc. entered into Restrictive Covenant Agreement with Skyline Champion, Buyers and certain of Sellers’ affiliates (the “Restricted Parties") (effective 2023-10-13).
- Action
- entry
- Counterparty
- Skyline Champion, Buyers and certain of Sellers’ affiliates (the “Restricted Parties")
- Effective
- 2023-10-13
Exact text from the filing
Skyline Champion, Buyers and certain of Sellers’ affiliates (the “Restricted Parties") entered into that certain Restrictive Covenant Agreement, dated as of October 13, 2023
View on SEC.gov
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