In a press release on March 1, 2021, “Champion Home Builders, a subsidiary of Skyline Champion Corporation (NYSE:SKY) (“Skyline Champion”), today acquired ScotBilt Homes, LLC from SHI Group Holdings, Inc. and related companies (collectively, “ScotBilt Homes”).”
The move is part of a broader trend by the so-called Big Three of the Manufactured Housing Institute (MHI) of slow, steady acquisitions of manufactured home production.
Skyline Champion is a vertically integrated company. That means that they have production as well as company owned retail and other cohesive business units.
UPDATE: 3.4.2021 at 10:30 AM ET. An informed source at ScotBilt provided MHProNews this morning a letter that includes the following.
“Champion and ScotBilt will continue doing business under the ScotBilt name and we anticipate a smooth transition of the business process. Moreover, there will be no changes at this time to ordering, fulfillment, or payment processes for ScotBilt Homes. Your ScotBilt Sales and Service representatives remain the same and will provide you the same great service you have come to expect.
Effective today, Jim Johnson will assume the position of General Manager for ScotBilt Homes. Jim is transferring from our Lillington, NC facility where he has been the general manager for the last two years. We are also excited that all members of the ScotBilt leadership team will be staying with the company and will continue in their current roles and will report to Jim Johnson (see below).”
Greg Scott – Operation Manager
Shea Jones – Sales & Marketing Manager
Travis Harrelson – Consumer Affairs Manager
Wayne Gilmore – Engineering & Quality Manager
Roy Daley – General Manager of the Millen facility”
The balance of information ScotBilt provided is linked here as a download.
Additional Skyline Champion and ScotBilt information will be tonight’s featured focus.
For our growing numbers of new readers, as well as a reminder to those returning daily, a few quick evening/nightly market report insights.
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- Our featured focus follows the quotable quotes, periodic political cartoons, those left-right headlines, and two of our three market summary graphics as reported at the closing bell.
- After the featured focus, are some recent/related report links and the third manufactured housing focused stock equities graphic. There are some additional items that include the free signup for the manufactured housing industry’s x2 weekly emailed news to the most-read trade publication in our profession:
On a day that saw manufactured home connected equities yield mixed results at the close today, let’s press ahead toward the insights about the Skyline-Champion announcement about Scotbilt.
Quotes That Shed Light – Industry, American, Social, National Issues
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Headlines from right-of-center Newsmax
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Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus –
Where Business, Politics and Investing Can Meet
Picking up from the Skyline-Champion announcement on 3.1.2021, it continued by saying the following.
“We are excited to welcome ScotBilt Homes and its almost 400 employees to the Skyline Champion family,” said Mark Yost, Skyline Champion’s President and Chief Executive Officer. “We believe ScotBilt is an excellent fit given our compatible company cultures and shared values. While working with founder Sam Scott and his team during this transaction, we learned that their work ethic mirrors our core operating principles. Sam Scott has been a pioneer in the manufactured housing industry for more than 50 years and we are fortunate to benefit from the high quality and unique home designs for which ScotBilt is known.”
Mr. Yost continued, “The transaction is expected to accomplish several objectives within our strategic framework for profitable growth. ScotBilt’s strong presence in the attractive mid-south region helps to balance our national distribution and is highly complementary to our existing footprint, while their efficient manufacturing facilities produce a streamlined product offering. We expect this transaction to generate solid returns with meaningful shareholder value creation from day one, supported by ScotBilt’s attractive client base, and margin profile, in addition to the potential for synergy capture.”
Sam Scott, owner of ScotBilt Homes commented, “As a family-founded business, finding the right partner for the future of ScotBilt Homes was crucial to our employees, our suppliers and our incredibly loyal customers. We wanted a partner who we could trust would operate the company in a manner consistent with how we’ve done business since our founding in 2004. The customers who value the reputation of our brand will continue to receive the high-quality products they have grown to expect. I am confident that we have aligned with a great company that will leverage the culture and brand integrity that has set us apart from our competitors.”
About Skyline Champion Corporation:
Skyline Champion Corporation (NYSE: SKY) is the largest independent, publicly traded, factory-built housing company in North America and employs more than 7,000 people. With almost 70 years of homebuilding experience and 38 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, hospitality, senior and workforce housing 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, Excel Homes, Homes of Merit, New Era, Redman Homes, Shore Park, Silvercrest, Titan Homes in the U.S., and Moduline and SRI Homes in western Canada.
About ScotBilt Homes:
ScotBilt Homes was built from the ground up in 2004 by the Scott family. The ScotBilt Homes’ team includes carpenters, plumbers, electricians, and roofers who have experience in their fields since 1980. ScotBilt Homes utilizes innovative construction techniques to build high-quality, low-maintenance, manufactured homes.
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. Skyline Champion cautions 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 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, exacerbated by the COVID-19 pandemic; 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 March 28, 2020 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.”
The graphic below is from MHProNews.
A recent report on SKY is below.
Related, Recent, and ‘Read-Hot’ Reports
Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
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That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.