On August 14, 2023, ECN Capital Corp. (“ECN Capital”) and Skyline Champion Corporation (“Skyline Champion”) announced that they have entered into a share subscription agreement pursuant to which Skyline Champion has agreed to make an approximately $138 million equity investment in ECN Capital on a private placement basis in exchange for 33,550,000 common shares of ECN Capital and 27,450,000 mandatory convertible preferred shares, Series E of ECN Capital. In connection with the Private Placement, ECN Capital and Skyline Champion will form a captive finance company that will be 51% owned by Skyline Champion and 49% owned by Triad Financial Services, Inc., a wholly‑owned subsidiary of ECN Capital. Cravath is representing ECN Capital in connection with the transaction, representing the culmination of the company’s strategic review process. Cravath is advising ECN Capital on certain U.S. law matters relating to the transaction, which represents the culmination of the company’s strategic review process.

The Cravath team is led by partner David J. Perkins and includes associates Adam M. Sanchez and Benjamin B. Deutsch on M&A matters; partner Michael E. Mariani and associate Nastassia Shcherbatsevich Li on capital markets matters; partner J. Leonard Teti II and associate Kyle R. Jorstad on tax matters; and partner Eric W. Hilfers on executive compensation and benefits matters. Anthony J. Grisafi also worked on tax matters.