Cavco Industries Announces Closing of Acquisition of Manufacturing Facility in North Carolina, Expanding Affordable Home Production Capabilities
PHOENIX, April 21, 2022 (Globe Newswire) – Cavco Industries, Inc (Nasdaq:CVCO) today announced its closing of the acquisition of a 184,000 square-foot manufacturing facility in Hamlet, North Carolina.
As previously announced, the facility,which currently produces multi-family residential and commercial projects, will be modified to produce homes built under the standards of the U.S. Department of Housing and Urban Development (“HUD code”). The seller, Volumetric Building Companies (“VBC”), will complete existing projects through summer 2022 at which time Cavco will complete renovating the facility for HUD code home production, with an anticipated home production start date by the fourth calendar of 2022. Cavco intends to offer employment to existing facility employees following the transition. Additional employment opportunities are anticipated to become available with the expansion of homebuilding production.
Bill Boor, President, and Chief Executive Officer said, “We are excited to complete the acquisition of the Hamlet facility. At Cavco we are driven to increase access to affordable housing and, once converted to single-family HUD code production, this represents additional needed supply. VBC built a strong management and production team at Hamlet. We look forward to a bright future together.”
The purchase price was paid in cash and funded with Cavco’s internal capital.
About Cavco Industries, Inc.
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. Our products are marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, and MidCountry. We are also a leading producer of park model RV’s, vacation cabins, and factory-built commercial structures. Cavco’s finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seeler/servicer and a Ginnie Mae mortgage backed securities issuer that offers conforming mortgages, non conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes. Additional information about Cavco can be found at https://www.cavco.com.
