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.