When a regional builder wants to expand, it can go national through acquisition. When a national builder wants to expand, acquisition is also possible route. Cavco Industries, headquartered in Phoenix, Ariz., designs and produces factory-built housing products primarily distributed through a national network of independent and company-owned retailers. The company is one of the largest producers of manufactured homes in the United States—based on reported wholesale shipments—and markets under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Fairmont, Friendship, Chariot Eagle, and Lexington. Cavco has just announced it will purchase substantially all of the assets and liabilities of Destiny Industries, Moultrie, Ga., a single plant operation providing affordable, manufactured, and modular housing to independent retail distributors in the Southeastern United States.
Destiny Homes’ current management and homebuilding team, led by president Donnie Edwards, will remain with the company. The purchase price, which will be paid in cash at closing and funded with Cavco’s internal capital, was not disclosed. Destiny’s products will continue to be marketed under the Destiny Homes brand name. The transaction is subject to the satisfaction of customary closing conditions.
Besides factory-built housing, Cavco is also a leading producer of park model RVs, vacation cabins, and systems-built commercial structures, as well as modular homes built primarily under the Nationwide Homes brand. Including Destiny Homes, the company will employ nearly 5,000 people and operate twenty manufacturing plant locations along with retail home centers, housing finance, and homeowner insurance businesses.
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