DivestmentApr 27, 2026, 04:23 PM
SKY Receives C$189.1M from ECN Capital Acquisition Close
AI Summary
Champion Homes, Inc. announced the completion of the acquisition of ECN Capital Corp. by an investor group led by Warburg Pincus. ECN Capital held a 49% interest in Champion Financing LLC, a captive finance company formed with Champion Homes. As a result of the transaction, Champion Homes' subsidiary converted its preferred shares in ECN Capital into cash, expecting to receive gross proceeds of C$189.1 million.
Key Highlights
- Warburg Pincus completed the acquisition of ECN Capital Corp. on April 24, 2026.
- ECN Capital owned a 49% stake in Champion Financing LLC, a captive finance company with Champion Homes.
- Champion Homes' subsidiary converted its mandatory convertible preferred shares in ECN Capital into cash.
- The preferred shares converted at C$3.10 per share, plus accrued but unpaid dividends.
- Champion Homes expects to receive gross proceeds of C$189.1 million from the transaction.