Skyline Champion Announces Asset Purchase of Manis Custom Builders
May 11 2022 - 4:00PM
Business Wire
Champion Home Builders, a subsidiary of Skyline Champion
Corporation (NYSE:SKY) (“Skyline Champion”), today announced it
expects to close by the end of May on the acquisition of
substantially all of the operating assets of Manis Custom Builders,
Inc. and related companies (collectively, “Manis”), located in
Laurinburg, NC, for approximately $10 million.
“We look forward to welcoming the Manis employees to the Skyline
Champion family,” said Mark Yost, Skyline Champion’s President and
Chief Executive Officer. “While working with founder Joe Manis and
his team during this transaction, we learned that their core
operating principles mirror our own. Mr. Manis has been a leader in
the industry since 1983 and we are fortunate to benefit from the
high quality which Manis is known for.”
Mr. Yost continued, “With the addition of this 250,000 square
foot campus in Laurinburg and Manis’ retail location in eastern
North Carolina to our existing North Carolina campuses, we are now
better able to serve customers throughout the region with cost
effective, streamlined product offerings that are greatly needed in
the current economic environment. We anticipate continuing to build
out the approximately $15 million of backlog as we upgrade and
re-tool portions of the plant.”
About Skyline Champion Corporation:
Skyline Champion Corporation (NYSE: SKY) is the largest
independent, publicly traded, factory-built housing company in
North America and employs approximately 8,400 people. With almost
70 years of homebuilding experience and 41 manufacturing facilities
throughout the United States and western Canada, Skyline Champion
is well positioned with a leading portfolio of manufactured and
modular homes, ADUs, park-models and modular buildings for the
single-family, multi-family, and hospitality sectors.
In addition to its core home building business, Skyline Champion
operates a factory-direct retail business, Titan Factory Direct,
with 18 retail locations spanning the southern United States, and
Star Fleet Trucking, providing transportation services to the
manufactured housing and other industries from several dispatch
locations across the United States.
Skyline Champion builds homes under some of the most well-known
brand names in the factory-built housing industry including Skyline
Homes, Champion Home Builders, Genesis Homes, Athens Park Models,
Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, New
Era, Redman Homes, ScotBilt Homes, Shore Park, Silvercrest, Titan
Homes in the U.S. and Moduline and SRI Homes in western Canada.
Forward-Looking Statements
Statements in this press release, including certain statements
regarding Skyline Champion’s strategic initiatives, and future
market demand 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," "could," "should," "will," "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. We caution
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 regional, national and international
economic, financial, public health and labor conditions, and the
following: the COVID-19 pandemic, which has had, and could continue
to have, significant adverse effects on us; the impact of recent
political instability and social unrest on economic conditions
generally; the cyclicality and seasonality of the housing industry
and its sensitivity to changes in general economic or other
business conditions; demand fluctuations in the housing industry;
supply-related issues; labor-related issues; the possible
unavailability of additional capital when needed; competition and
competitive pressures; changes in consumer preferences for our
products or our failure to gauge those preferences; quality
problems, including the quality of parts sourced from suppliers and
related liability and reputational issues; data security breaches,
cybersecurity attacks, and other information technology
disruptions; the extensive regulation affecting the production and
sale of factory-built housing and the effects of possible changes
in laws with which we must comply; the potential impact of natural
disasters on sales and raw material costs; the risks associated
with mergers and acquisitions; the prices and availability of
materials; periodic inventory adjustments by, and changes to
relationships with, independent retailers; changes in interest and
foreign exchange rates; insurance coverage and cost issues; the
possibility that all or part of our goodwill might become impaired;
the possibility that our risk management practices may leave us
exposed to unidentified or unanticipated risks; and other risks set
forth in the “Risk Factors” section, the “Legal Proceedings”
section, the “Management's Discussion and Analysis of Financial
Condition and Results of Operations” section, and other sections,
as applicable, in our Annual Reports on Form 10-K, including our
Annual Report on Form 10-K for the fiscal year ended April 3, 2021
previously filed with the Securities and Exchange Commission
(“SEC”), as well as in our Quarterly Reports on Form 10-Q, and
Current Reports on Form 8-K, filed with or furnished to the
SEC.
If any of these risks or uncertainties materializes or if any of
the assumptions underlying such forward-looking statements proves
to be incorrect, then the developments and future events concerning
Skyline Champion 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 release. We
anticipate that subsequent events and developments will cause our
expectations and beliefs to change. Skyline Champion 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220510005995/en/
Investor: Name: Kevin Doherty Email:
investorrelations@championhomes.com Phone: (248) 614-8211
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