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Posts Tagged ‘Major’

LCI Industries Makes Major Move

May 23rd, 2017 Comments off
LCIIndustriesReportsQ4YearEndEarningscreditInvestorsLCI-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: LCI, Investors.

LCI Industries (formerly Drew Industries), a supplier of components for the leading original equipment manufacturers of recreational vehicles (“RVs”) and adjacent industries, and the related aftermarkets of those industries, tells MHProNews that it has acquired Lexington, LLC for $40 million.

Based in Elkhart, Indiana, Lexington manufactures high quality seating solutions for the marine, RV, transportation, medical and office furniture industries. LCI Industries completed the acquisition via its wholly owned subsidiary, Lippert Components, Inc.

We are excited to add Lexington’s business and employees to our growing portfolio of furniture solutions for the marine, RV and adjacent industries,” said LCI’s President Scott Mereness.

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Scott Mereness. Credit: LCI Industries.

LCI is the leading provider of furniture solutions for the RV towable industry, and with the addition of Lexington’s high quality products, design and manufacturing teams, and strong customer relationships, the leading supplier of pontoon furniture as well.”

LCI says that current Lexington President Jeff Wysong will remain with LCI and continue to lead Lexington.

LCI is a great strategic fit for our company as well as our customers, and I am excited to be a part of their dynamic team,” said Wysong.

LCI has vast resources and great teams that will certainly help strengthen Lexington as we combine with LCI’s marine divisions to offer even better solutions to the marine market and its customers.”

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Jason Lippert. Credit: LCI Industries.

Our combined marine furniture team is talented and innovative, as well as experienced in managing growth,” said Jason Lippert, LCI’s Chief Executive Officer.

Lexington is our largest acquisition in the past 20 years, and is representative of our strategy of quickly assembling a portfolio of companies and products that will help us become a major contributor to marine component designs and solutions. We expect to leverage our purchasing, sales, distribution and administrative capabilities to improve the profitability of this business, and we expect this acquisition to be immediately accretive to LCI’s earnings.”

LCI 1 year look. Credit: Bloomberg.

LCI is one of the various manufactured housing industry-connected stocks monitored each business day on the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

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Major Media Coverage for Manufactured Housing

May 12th, 2017 Comments off
MajorMediaCoverageforManufacturedHousingcreditNBC-postedtothedailybusinessnewsmhpronewsmhlivingnews

A major trend in manufactured housing is now receiving national attention. Bill and Donna Bernard’s manufactured home. Credit: NBC.

Last Sunday evening proved to be a big one for the manufactured housing industry veteran, Paul Bradley President of  ROC USA.

Bradley appeared on NBC Nightly News in a segment on manufactured home communities.

The feature focused on those 55 and over, who are downsizing in retirement and choosing manufactured home communities as an option.

Bill & Donna Bernard, the couple featured in the report, sold their long time home for $629,000, allowing them to retire and purchase an $85,000 manufactured home, which they moved into a community in Pismo Beach, California.

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Bill and Donna Bernard. Credit: NBC.

That’s one of the reasons we were able to retire at an early age,” said Bill Bernard.

NBC Nightly News pointed to the case of the Bernard’s as a growing and popular trend, which is helping to break the “trailer park” [sic] stigma.


With the popularity, Bradley offered critical advice to those that are considering a move similar to the Bernard’s.

You want to find a community that is not a risk of redevelopment and you want to find a community where rents are affordable,” said Bradley.

MajorMediaCoverageforManufacturedHousingcreditNBC-postedtothedailybusinessnewsmhpronewsmhlivingnews3

Credit: NBC.

The NBC feature was another in a line of appearances by Bradley and ROC USA in national media, including a March 2017 Time magazine article entitled “The Home of the Future.” In that feature, reporter Karl Vick visited three non-ROC USA affiliated resident-owned communities in Zephyrhills, about 30 miles northeast of Tampa, Florida.

Another feature was done by National Public Radio (NPR) in Minneapolis.

The recent media coverage is not only great for ROC USA and its affiliates across the country, but for the entire manufactured housing sector,” said Bradley.

These stories have focused on positive developments in and perceptions of manufactured housing,” he said. Whether that’s in resident-owned communities or not, we all benefit from coverage that combats the stigma too often associated with these homes and worse, the hard-working people who live in them.”

As Daily Business News readers are aware, ROC USA recently helped residents of Town & Country Estates in Kingston, Massachusetts, and the Kayadeross Acres Manufactured Home Cooperative in Ballston Spa, New York, to purchase their communities.

We don’t have to look for a landlord, we are the landlord, so that being a co-op and a nonprofit we’re not out to make any money so the only rent that we’re going to be charging ourselves is that which is enough to sustain the place,” said Town & Country Mobile Home Estates Tenants Association President Joe Mauriello.

Without ROC or CDI, we would not be owning this park [sic] today.

That story is linked here. For the Kayadeross Acres Manufactured Home Cooperative story, click here. ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Major Moves at Tricon Capital Group

April 14th, 2017 Comments off
MajorMovesatTriconCapitalGroupcreditCBSLocal-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: CBS Local.

Big news for Tricon Capital Group Inc. (TCN), as they have announced their acquisition of Silver Bay Realty Trust Corp (NYSE:SBY), an owner and operator of single-family rental homes in the United States for $1.4B.

According to HousingWire, the all cash transaction valued Silver Bay at $21.50 per share, and the deal will create the country’s 4th largest publicly owned single-family rental operator with over 16,800 units nationwide.

The proposed acquisition of Silver Bay is an incredibly exciting and transformational event for Tricon. This acquisition will more than double the size of Tricon American Homes, establishing it as the fourth largest publicly-owned SFR company in the U.S. Silver Bay’s high-quality and well managed portfolio of SFR homes is a natural complement to our TAH assets, in particular given the geographic overlap in the Sun Belt,” said Tricon President and CEO Gary Berman.

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Gary Berman. Credit: Tricon Capital.

We believe that the transaction will result in significant operating and overhead synergies creating immediate value for our shareholders. In conjunction with the Acquisition, we also intend to exit our smaller non-core businesses and take a meaningful step toward simplifying our overall corporate business model by focusing on scale, industry leadership, enhanced disclosure and operational integration across our investment verticals.”

The newly combined company will operate in a total of 18 markets, including six markets with one thousand homes or more.

We have continually evaluated the most prudent way to drive sustainable, long-term capital appreciation and we believe this transaction is the best opportunity to return maximum value to our stockholders,” said Silver Bay CEO Thomas Brock.

Over the past year, we have been making excellent strides in driving efficiency across our operating platform. We closed out the year with the best quarter in our company’s history, which I credit to the dedication and focus of our Silver Bay team.

Our well-crafted portfolio of single family properties and the recent strong performance across our platform will serve as a great complement to Tricon Capital Group Inc.’s business as the single family rental industry continues to evolve and consolidate.”

The deal is expected to close by end of Q2 2017.

MajorMovesatTriconCapitalGroupcreditBLoomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Tricon 1 year look. Credit: Bloomberg.

Insider Action

Tricon Capital Group Director Ira Gluskin purchased 50,000 shares of the company’s stock last month, at an average price of C$10.72 ($8.05 USD) per share for a total transaction of C$536,000.00 ($402,482 USD).

The company has received an overall “buy” rating consensus from analysts, including CIBC, BMO Capital Markets, TD Securities, and Royal Bank of Canada.

Tricon Capital Group is a principal investor and asset manager focused on the residential real estate industry in North America with approximately $3.1 billion USD of assets under management. Tricon owns, or manages on behalf of third party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes, manufactured housing communities and multi-family development projects.

For the most recent closing numbers on Tricon Capital Group – and all MH industry-connected tracked stocks – please click here. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

MHARR: President Trump’s Actions Offer Major Opportunity for MH Industry and Consumers

February 28th, 2017 Comments off
MHARRPresidentTrumpsActionsOfferMajorOpportunityforMHIndustryandConsumerscreditWikipediaMHARR-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: MHARR, Wikipedia.

Washington, D.C., February 28, 2017 – The Manufactured Housing Association for Regulatory Reform (MHARR) tells MHProNews that Executive Orders issued by President Trump within the past thirty days provide an unprecedented opportunity for the federally-regulated manufactured housing industry and American consumers who rely upon manufactured homes.

The orders, says MHARR, fulfill the campaign promises by the President to significantly curtail the “regulatory state,” provide a solid basis for the industry and consumers to seek the elimination or modification of needless, job-killing federal regulations that unnecessarily increase the cost of the nation’s most affordable homes.

President Trump’s actions also provide a foundation for fundamental reforms to the manufactured housing program at the U.S. Department of Housing and Urban Development (HUD), to bring the program into full compliance with the landmark Manufactured Housing Improvement Act of 2000.

MHARR says that executive orders issued on January 30th and February 24th require virtually all federal agencies to identify at least two existing regulations to be repealed for each new regulation added to the agency. Further, the agencies must designate a “Regulatory Reform Officer” and appoint a “Regulatory Reform Task Force” to identify regulations that eliminate jobs or inhibit job creation that are outdated, unnecessary or ineffective.

In combination with the government-wide regulatory freeze order implemented January 20th, and the pending confirmation of Dr. Ben Carson, as HUD Secretary, MHARR says that these mandates offer potentially once-in-a-lifetime opportunities for the industry and consumers to put a severely out-of-touch and out-of-control federal manufactured housing program back on-track.

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M. Mark Weiss. Official Photo.

The stance of the Trump Administration on the needless regulatory burdens confronting America’s small businesses is a godsend for the manufactured housing industry and the mostly lower and moderate-income Americans who rely on its homes for affordable, non-subsidized housing,” said MHARR President and CEO, Mark Weiss.

With these new policies, the industry and consumers have an unprecedented opportunity to achieve and cement in place the major program reforms mandated by Congress in the 2000 reform law. While MHARR intends to aggressively pursue this opportunity, it cannot be the only industry organization seeking fundamental change to put the federal program back on track.

The go-along-to-get-along segment of the industry, accordingly, has a crucial decision to make – to either embrace fundamental change, or continue protecting an unacceptable and indefensible status quo.

The full release from MHARR is linked here.

For MHARR’s comments on the State Administrative Agencies (SAA) funding rule, click here. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Trump’s Regulation Cuts Could Have Major Impact on MH

January 23rd, 2017 Comments off
TrumpsRegulationCutsCouldHaveMajorImpactonMHcreditAmericaEnterpriseInstitute-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: American Enterprise Institute.

Throughout the 2016 presidential campaign, Donald Trump was very clear on one thing he wanted to change – regulations.

President Trump talked about the Obama-era financial regulations, including Dodd-Frank, as “bad for business” and responsible for the nation’s slow growing economy.

 

For many, the President’s anti-regulatory stance is a welcome breath of fresh air.

According to Business Insider, the financial services industry is particularly excited, seeing the Trump victory as an early Christmas present.

TrumpsRegulationCutsCouldHaveMajorImpactonMHOctavioMarenzicreditOptimas-postedtothedailybusinessnewsmhpronewsmhlivingnews

Octavio Marenzi. Credit: Optimas.

This isn’t going to necessarily translate into a golden age for banks, but it will be a normalization of the business environment. They’ve been battered by regulations and now we are finally going to see a more healthy environment,” said Octavio Marenzi, CEO of Opimas, a management consultancy firm focused on capital markets.

Our analysis shows that efforts to deregulate could redirect more than $25 billion in capital in the financial services industry over the course of the next 18-24 months,” said Opimas co-founder Medy Agami.

Areas in the analysis by Opimas that are of particular interest to the manufacture housing industry:

  • The roll back of Dodd-Frank and the elimination of the Consumer Financial Protection Bureau (CFPB).
cfpb-parody-logo-credit-plus1properties-cartoon-credit-MHProNews-com-(c)2015-all-rights-reserved-

Credit: Plus 1 Properties, MHProNews.

The elimination of or serious reduction in CFPB regulations will mean a potential savings of nearly $1.4 billion for banks,” said Marenzi.

Additionally, Treasury Secretary nominee Steven Mnuchin has said that the new administration plans to “strip back parts of Dodd-Frank that prevent banks from lending.

As Daily Business News readers are aware, Republican Senators Bob Sasse (NE) and Mike Lee (UT) have called for the removal of CFPB director Richard Cordray, and Democratic lawmakers have called on the Trump Administration to keep Cordray and the agency in tact as is.

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Credit: Wikipedia, CFPB, HubPages.

A D.C. circuit court ruled last year that the CFPB was unconstitutional.

  • Repeal of the “Volcker Rule”

Enacted in 2013, the rule was designed to prevent future financial crises. Agami and Marenzi believe that the rule is the easiest to roll back, because all the President would essentially need to do is tell regulators to stop enforcing it.

TrumpsRegulationCutsCouldHaveMajorImpactonMHMedyAgamicreditOptimas-postedtothedailybusinessnewsmhpronewsmhlivingnews

Medy Agami. Credit: Optimas.

The implications will be significant for large investment banks since dropping the rule would generate additional revenue and profitability streams,” said Agami.

There is also significant evidence that repealing The Volcker Rule will increase liquidity in various asset classes—fixed income, equities, commodities, foreign government debt, etc.—by enabling dealers to hold inventory that has long-term demand from clients that would otherwise not be allowed,” said Marenzi.

  • Reductions in capital and liquidity requirements
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A Clayton home in Chino Valley. Credit: Clayton Homes.

Originally put in place to prevent risky lending by financial institutions, Marenzi and Agami see significant reductions in the requirements freeing up money hoarded by banks.

It will free up nearly $20 billion in unproductive capital over the next 18-24 months that banks are hoarding and could redirect to other areas,” they said.

These regulations will be the most difficult to scale back since they are globally implemented and compelled banks to build myriad models and retain armies of risk and compliance teams.

Movement in these areas, combined with incoming Secretary of Housing and Urban Development (HUD) Dr. Ben Carson, could bode very well for the manufactured housing industry as regulations decrease and capital flows improve.

For more on Dodd-Frank, the CFPB and their impact on the manufactured housing industry, click here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.