Southwest StageFunding LLC, d/b/a Cascade Financial Services, entered into a definitiveagreement with a Centerbridge PartnersLP affiliate, whereby funds advised by Centerbridge Partners will acquireCascade Financial.
The transaction is expected to close in the third quarter, subjectto regulatory approvals, according to a news release.
In relation to the deal's completion, Champion Home BuildersInc., a manufactured homebuilder in North America, has agreed to make an investmentin Cascade Financial alongside Centerbridge Partners. Champion Home Builders CEOKeith Anderson will join Cascade Financial's board of managers after the deal closing.Cascade Financial and Champion Home Builders expect to collaborate on a nonexclusivebasis to provide financing options for purchasing new manufactured homes.
Additionally, Cascade Financial expects to expand lending inthe manufactured housing sector and introduce a suite of nongovernment insured portfolioloan products for buyers of homes placed in communities and on private land.
Terms of the deal were not disclosed in the news release.