Mar 22 2010
Champion Enterprises Holdings, LLC today announced that it has completed the acquisition of the domestic and international operations of Champion Enterprises, Inc. out of bankruptcy. In connection with the transaction, an investor group consisting of affiliates of Centerbridge Partners, L.P., MAK Capital Fund LP and Sankaty Advisors, LLC invested $50 million in new capital to support the operations and growth initiatives of the newly created company. The new company emerges recapitalized and with a substantially deleveraged balance sheet consisting of $40 million of term debt along with the assumption of certain operating liabilities.
“The completion of this transaction is a significant step forward for Champion and represents very positive news for our customers, employees and other business partners,” said William C. Griffiths, President and Chief Executive Officer of Champion Enterprises Holdings, LLC. “The infusion of new capital will allow us to fund growth initiatives as the housing markets begin to recover, and is particularly well timed in light of the upcoming spring selling season.”
Michael Bevacqua, Managing Director of Sankaty Advisors, LLC, stated: “The investor group is excited about the prospects for the new Champion and we look forward to working with the company as it executes its immediate priorities for the business – providing much needed financing and marketing support for our dealer base and improving upon our already strong market position in the manufactured housing industry.”
David Trucano, Managing Director of Centerbridge Partners, L.P. added: “We would like to thank the management team and employees of Champion for their efforts throughout the sale process. With a recapitalized balance sheet and a highly regarded management team to lead our efforts, we believe that the new Champion is now better positioned than ever to succeed by meeting the needs of its diversified customer base.”
Source: http://www.championhomes.com