Warburg Pincus-led ECN sale brings cash to Champion Homes (SKY)

Rhea-AI Filing Summary

Champion Homes, Inc. reports that an investor group led by Warburg Pincus has completed its previously announced acquisition of ECN Capital Corp., which owns 49% of Champion Financing LLC, a captive finance company formed with Champion Homes.

At closing, ECN common shares converted into C$3.10 per share in cash, and ECN’s mandatory convertible preferred shares, Series E, held solely by Champion subsidiary Champion Canada Holdings Inc., also converted into C$3.10 per share in cash plus accrued but unpaid dividends. Champion Homes expects to receive gross proceeds of C$189.1 million from this transaction.

Insights

Corporate finance analyst

Champion Homes gains C$189.1M cash from ECN sale completion.

An investor group led by Warburg Pincus has closed its acquisition of ECN Capital Corp., which owns 49% of Champion Financing LLC, a captive finance company formed with Champion Homes. This monetizes Champion’s position in ECN’s preferred shares.

ECN common and Series E mandatory convertible preferred shares converted into C$3.10 per share in cash, with preferred holders also receiving accrued but unpaid dividends. Champion Homes expects C$189.1 million in gross proceeds, which increases its cash resources, though specific uses for this cash are not detailed in the excerpt.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

Cash per ECN share: C$3.10 per share Preferred share cash price: C$3.10 per share Expected gross proceeds: C$189.1 million +1 more

4 metrics

Cash per ECN share C$3.10 per share Conversion price for ECN common shares at transaction closing

Preferred share cash price C$3.10 per share Conversion price for ECN mandatory convertible preferred shares, Series E

Expected gross proceeds C$189.1 million Cash Champion Homes expects to receive from the transaction

Ownership in Champion Financing LLC 49% Stake in Champion Financing LLC held by ECN Capital Corp.

Key Terms

captive finance company, mandatory convertible preferred shares, Series E, gross proceeds, emerging growth company

4 terms

captive finance company financial

"Champion Financing LLC, a captive finance company formed with Champion Homes, Inc."

mandatory convertible preferred shares, Series E financial

"the mandatory convertible preferred shares, Series E of ECN, which were solely held by Champion Canada Holdings Inc."

gross proceeds financial

"The Company expects to receive gross proceeds of C$189.1 million as a result of the closing"

The total amount of cash a company receives from a financing event or sale before any fees, expenses, taxes or deductions are taken out. Investors watch gross proceeds because it shows the raw scale of new capital being raised—think of it as the paycheck amount before withholdings—which helps assess how much funding is available for operations, growth, debt payoff or how much shareholder dilution might occur once costs are removed.

emerging growth company regulatory

"Emerging growth company Item 8.01 Other Events."

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

Understanding 8-K Material Events →

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2026

CHAMPION HOMES, INC.

(Exact name of Registrant as Specified in Its Charter)

Indiana			001-04714	35-1038277
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
755 West Big Beaver Road, Suite 1000
Troy, Michigan				48084
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (248) 614-8211

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		SKY		The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On April 24, 2026, an investor group led by Warburg Pincus completed its previously announced acquisition of ECN Capital Corp. (“ECN”), which owns 49% of Champion Financing LLC, a captive finance company formed with Champion Homes, Inc. (the “Company”). At the closing of the transaction, the common shares of ECN converted into C$3.10 per share, in cash and the mandatory convertible preferred shares, Series E of ECN, which were solely held by Champion Canada Holdings Inc., a subsidiary of the Company, converted into C$3.10 per share, in cash (plus all accrued but unpaid dividends thereon). The Company expects to receive gross proceeds of C$189.1 million as a result of the closing of the transaction.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Champion Homes, Inc.
Date:	April 27, 2026	By:	/s/ Laurel Krueger
			Laurel Krueger Chief Legal Officer, Chief Administrative Officer and Secretary

FAQ

What transaction involving ECN Capital Corp. did Champion Homes (SKY) report?

Champion Homes reported that an investor group led by Warburg Pincus completed its previously announced acquisition of ECN Capital Corp. ECN owns 49% of Champion Financing LLC, a captive finance company formed with Champion Homes, so this closing also affects Champion’s related financing partnership.

How much cash per share is being paid in the ECN Capital transaction related to Champion Homes (SKY)?

Both ECN common shares and mandatory convertible preferred shares, Series E, convert into C$3.10 per share in cash at closing. Holders of the Series E preferred shares also receive all accrued but unpaid dividends in cash in addition to the C$3.10 per share amount.

How much cash does Champion Homes (SKY) expect to receive from the ECN Capital deal?

Champion Homes expects to receive gross proceeds of C$189.1 million from the completed ECN Capital transaction. These proceeds arise from the cash consideration paid when ECN’s mandatory convertible preferred shares, Series E, held by Champion’s subsidiary, convert into cash plus accrued but unpaid dividends.

What interest does ECN Capital hold in Champion Financing LLC with Champion Homes (SKY)?

ECN Capital Corp. owns 49% of Champion Financing LLC, described as a captive finance company formed with Champion Homes, Inc. This means ECN holds a minority ownership stake in the joint finance entity that supports Champion Homes’ business through tailored financing arrangements.

Which Champion Homes (SKY) subsidiary held ECN’s Series E preferred shares?

The mandatory convertible preferred shares, Series E of ECN, were solely held by Champion Canada Holdings Inc., a subsidiary of Champion Homes. At the closing of the transaction, these preferred shares converted into cash at C$3.10 per share plus any accrued but unpaid dividends.

Filing Exhibits & Attachments

1 document

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