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Posts Tagged ‘merger’

Skyline Corp, Champion Home Builder M&A Updates, Stockholder Insights

May 25th, 2018 Comments off

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Skyline Corporation and Champion Enterprises Holdings, LLC, the parent company of Champion Home Builders, Inc., previously announced merger/acquisition (M&A) is set to close within the next two weeks, according to sources familiar with the matter.

 

Recent press releases have not announced a set date, but they have pointed to a closing expected before the end of the first half of 2018.

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Skyline (SKY) shares have soared since the announcement, as the graphic below reflects.

SkylineCorpBloombergStocksDailyBusinessNewsMHproNews

The one year stock performance tells a tale, note the line for the day the M&A deal was announced.

A stockholder told the Daily Business News that their firm expects the stock to rise even higher once the M&A is complete.

That source in an emailed message – quoting verbatim – said:

“- first broker picked up coverage on the stock today-price target 37$

– Your going to see a lot more activity next week after the deal closes. I bet 3-4 banks pick up coverage on the stock. 

-These guys + CVCO have wind at their back – housing inv is tight, prices moving up on site built, no major capacity coming on

While there are some new production centers – including one for Champion – being established, as MHProNews has previously reported, the points made by a verified stockholder are interesting ones.

In a release last week, the Daily Business News was advised, “Skyline Announces Intent To List On The New York Stock Exchange…” and, another release stated that the stock will declare a special dividend in a matter of days.

As a disclosure, MHProNews takes nor holds a position on any industry stock. Champion is one of those companies that have been making the move to “go vertical” in recent years.  They did so in the 1990s as well.

Stay tuned for the anticipated announcement, which per sources could be completed on or before the middle of June, 2018.

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That M&A would give the new Skyline/Champion the number 2 position in the industry, ahead of Cavco, but still dwarfed by Clayton Homes.

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It continues the trend of consolidation within manufactured housing, which concerned members say that the Manufactured Housing Institute (MHI) may be fostering, a claim that MHI has neither affirmed nor denied. However, in a practice similar to other trade associations, MHI issues an antitrust warning in their meetings.  ##  (News, analysis, and commentary.)

(Third party images, content are provided under fair use guidelines.)

Related Reports:

Skyline Corp, Champion Homebuilders Conference Call Presentation Facts, Figures, Forward-Looking Statements, Planned Merger Detail$

Clayton Homes, Top 25 Manufactured Housing Industry Report, Trend Lines

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Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

Jim Clayton Exclusive on Clayton Bank/FirstBank Merger to MHProNews

February 11th, 2017 Comments off

ClaytonbankandFirstbanklogo-=imagecreditaretherespectivefirmslogosusedhereunderfairuseguidelinesIn a story that MHProNews covered first in manufactured housing, Jim Clayton, Founder and Chairman of Clayton Bank and Clayton Homes, confirmed the “merger” of Clayton Bank and Trust and American City Bank (collectively “Clayton Banks”) and FB Financial Corporation (NYSE: FBK), in a deal valued at $284.2 million.

This event involves a rare instance where Clayton, and FirstBank Chairman Jim Ayers, both owned nearly 100 percent of their respective banks pre-merger, and share a common interest in helping people.

Jim (Ayers) and I have been great friends for decades and have a lot in common, including being from rural West Tennessee,” said Clayton to MHProNews publisher, L. A. “Tony” Kovach.

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Jim Clayton, right. L. A. “Tony” Kovach, left. Photo credit, MHProNews.com

Our primary interests involve banking and giving back,” Clayton said. “Ayres is the most generous and creative person I know, building an amazing philanthropic foundation that has produced amazing benefits in education, health, and quality of life in Tennessee.”

The acquisition is expected to close in the third quarter of 2017, and is subject to regulatory approvals, approval by shareholders, and other customary closing conditions.

The Clayton Banks have a great team and are two of the most profitable banks in Tennessee. They have a relationship-based customer service culture that blends well with our culture. We look forward to joining with Clayton Bank and American City Bank and their associates to expand our banking services throughout Tennessee,” said FB Financial President and CEO Chris Holmes, in a BusinessWire press release.

This was, in effect, a merger as shareholders of FirstBank (FBK – NYSE) now own shares of the combined banks,” Clayton told MHProNews. “Likewise, I own shares in the combined banks – my largest holding by far. I signed a multi-year contract as did the Sr. Management – including Kevin Kimzey (President) – who heads all MH (Manufactured Housing/Home) activities.”

KevinKemzey-ClaytonBankPresidentClayton told MHProNews that once the merger is completed, he and Ayers will be the largest shareholders of the combined entity.

We both love the mortgage business and Jim [Ayers] is thrilled to combine the Clayton MH lending with the very large FirstBank Mortgage portfolio,” said Clayton. “I, and all the MH enthusiasts at Clayton Banks, are thrilled to add 40 deposit-gathering branches to support the Clayton MH units.”

About the Clayton Banks

Clayton Bank is headquartered in Knoxville, Tennessee.

The operation has assets of approximately $887 million. The bank has 13 branches across its markets in Knoxville, Jackson, Oakland, Covington, Henderson, Lexington, Friendship and Cookeville, Tennessee.

GraphicabovecreditBusinessWire.

Graphic above credit, BusinessWire.

American City Bank is headquartered in Tullahoma, Tennessee and has assets of approximately $308 million. It operates five branches in Tullahoma, Manchester, Lynchburg and Dechard, Tennessee.

About FB Financial

FB Financial Corporation (NYSE: FBK) is a bank holding company headquartered in Nashville, TN, and operates through its wholly owned banking subsidiary, FirstBank, the third largest Tennesseeheadquartered bank. The company has 45 full-service bank branches across Tennessee, North Alabama and North Georgia, and a national mortgage business with offices across the Southeast.

FirstBank serves five of the largest metropolitan markets in Tennessee and has over $3.2 billion in total assets. ##

(Editor’s note: Additional details from Jim Clayton will be published soon.)

(Top image credit, are the respective firms logos, used here under fair use guidelines. Other 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.