Cavco Industries, Inc. completed the acquisition of The Business and Certain Assets and Liabilities from The Commodore Corporation, Tcc Clarion Limited Partnership, Tcc Pennwest, Llc and Guy.
September 23, 2021
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Cavco Industries, Inc. (NasdaqGS:CVCO) signed a binding offer to acquire The Business and Certain Assets and Liabilities from The Commodore Corporation, Tcc Clarion Limited Partnership, Tcc Pennwest, Llc and Guy Jollie for approximately $150 million on July 23, 2021. The transaction also include acquisition of Catskill-Valley Homes, LLC, R-Anell Housing Group, LLC and Elite Home Builders along with other assets and liabilities. Cavco expects to fund the acquisition entirely with cash on hand. As per terms of transaction, acquisition includes its six manufacturing facilities and two wholly owned retail locations. The Commodore acquisition will bring total employment to 6,116. Of Cavco's total employees, 715 work at its Phoenix corporate headquarters and its existing Goodyear and Phoenix manufacturing plants. Transaction is subject to applicable regulatory approvals and satisfaction of certain customary conditions. The transaction is expected to close in the third quarter of 2022. Cavco expects this proposed acquisition to be significantly accretive to earnings and cash flow from operations in fiscal year 2022. TN Capital Advisors LLC (True North) acted as exclusive financial advisor to Cavco for the transaction. Whelan Advisory and Lincoln International acted as advisors to sellers. Phillip Guttilla of Polsinelli served as legal advisor to Cavco. E. John Wagner, II of Williams Parker served as legal advisor to sellers.
Cavco Industries, Inc. (NasdaqGS:CVCO) completed the acquisition of The Business and Certain Assets and Liabilities from The Commodore Corporation, Tcc Clarion Limited Partnership, Tcc Pennwest, Llc and Guy on September 24, 2021.
Cavco Industries, Inc. designs and produces factory-built homes. Its segments include Factory-built Housing and Financial Services. The Factory-built Housing segment includes wholesale and retail factory-built housing operations. The Financial Services segment includes manufactured housing consumer finance and insurance. Its factory-built homes are distributed through a network of independent and Company-owned retailers, planned community operators and residential developers. Its manufactured homes 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, MidCountry and Solitaire. It is also a producer of park model recreational vehicle (RVs), vacation cabins and factory-built commercial structures, as well as modular homes. CountryPlace Acceptance Corp. is its finance subsidiary and Standard Casualty Co. (Standard Casualty) is its insurance subsidiary.
Cavco Industries, Inc. completed the acquisition of The Business and Certain Assets and Liabilities from The Commodore Corporation, Tcc Clarion Limited Partnership, Tcc Pennwest, Llc and Guy.