Auburn Hills-based Champion Enterprises Inc. (NYSE: CHB) announced that it has acquired Canadian builder SRI Homes Inc. for $114 million (CDN) on Thursday, December 20, 2007.
Champion Enterprises builds and sells manufactured and modular housing under many different industry brand-names.
SRI Homes operates three manufacturing facilities in Western Canada (British Columbia, Alberta and Saskatchewan) and reported unit sales of about 1,350 for the 12 months ending September 2007. Their web site bills themselves as "Canada's Largest Home Builder". Established in 1978, they export homes to China, France, Japan, Germany, Russia, New Zealand the the USA. Their product line includes commercial and temporary/emergency shelters, mostly for export to the international market.
Robert Adria will reportedly remain as president of the SRI Homes division.
In March 2006, Champion acquired Highland Manufacturing Co. , in April 2006 the United Kingdom company of Calsafe Group Ltd., and in July 2006 they acquired North American Housing Corp.
Modular homes have become more popular with consumers because of their lower initial costs.
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