Skyline Champion Announces Closing of the Acquisition of Regional Homes

Champion Home Builders and Champion Retail Housing, subsidiaries of Skyline Champion Corporation (NYSE: SKY) (“Skyline Champion”) today announced the closing of its previously announced acquisition of Regional Enterprises LLC, and related companies (collectively, “Regional Homes”).

“We are excited to announce the closing and to welcome Regional Homes to the Skyline Champion family,” said Mark Yost, Skyline Champion’s President, and Chief Executive Officer. “We believe Regional Homes is an excellent strategic fit given their customer-centric selling approach which goes together with our on-going efforts to enhance our customers’ buying experience. Regional Homes’ strong presence in Alabama and Mississippi strengthens Skyline Champion’s market positioning as a leading provider of attainable housing solutions by expanding our captive retail and manufacturing distribution in this large region. We expect this transaction to generate solid returns over time with meaningful stakeholder value creation from day one, supported by Regional Homes’ attractive margin profile, its talented team, as well as available synergy capture.”

In coordination with the closing of the transaction, Skyline Champion is pleased to announce that Heath Jenkins will serve as the President of the Company’s captive retail operations. “We are fortunate to add Heath to the Skyline Champion team,” said Mark Yost. “Heath not only brings years of industry retail experience, and strong leadership capabilities exemplified by the strength and tenure of the Regional Homes’ team but also exhibits an unwavering commitment to put the customer first. These are traits that perfectly align with our core operating principles.”

The purchase price was approximately $313 million, net of cash acquired, plus assumed debt, primarily related to inventory floor plan liabilities, of $93 million. In addition to the purchase price, the transaction is subject to an earnout provision as well as customary net working capital adjustments. Skyline Champion funded the acquisition with cash on hand and $30 million of the Company’s common stock.

About Skyline Champion Corporation:

Skyline Champion Corporation (NYSE: SKY) is a leading producer of factory-built housing in North America and employs approximately 7,600 people. With more than 70 years of homebuilding experience and 44 manufacturing facilities throughout the United States and western Canada, Skyline Champion is well positioned with an innovative portfolio of manufactured and modular homes, ADUs, park-models and modular buildings for the single-family, multi-family, and hospitality sectors.