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) (“Cavco”) at this time introduced its closing of the acquisition of a 184,000 square-foot manufacturing facility in Hamlet, North Carolina.

As beforehand introduced, the power, which at present produces multi-family residential and business initiatives, will probably be modified to supply houses constructed underneath the requirements of the U.S. Division of Housing and City Growth (“HUD code”). The vendor, Volumetric Constructing Corporations (“VBC”), will full present initiatives by way of summer season 2022, at which era Cavco will full renovating the power for HUD code dwelling manufacturing, with an anticipated dwelling manufacturing begin date by the fourth calendar quarter of 2022. Cavco intends to supply employment to present facility staff following the transition. Further employment alternatives are anticipated to grow to be obtainable with the growth of homebuilding manufacturing.

Invoice Boor, President and Chief Govt Officer, stated, “We’re excited to finish the acquisition of the Hamlet facility. At Cavco we’re pushed to extend entry to inexpensive housing and, as soon as transformed to single-family HUD code manufacturing, this represents extra wanted provide. VBC constructed a powerful administration and manufacturing staff at Hamlet. We look ahead to a vivid future collectively.”

The acquisition value was paid in money at closing and funded with Cavco’s inside capital.

About Cavco Industries, Inc.

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing merchandise primarily distributed by way of a community of impartial and Firm-owned retailers. We’re one of many largest producers of manufactured and modular houses in the US, based mostly on reported wholesale shipments. Our merchandise are marketed underneath quite a lot of model names together with Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Future, Commodore, Colony, Pennwest, R-Anell, Manorwood and MidCountry. We’re additionally a number one producer of park mannequin RVs, trip cabins and factory-built business buildings. Cavco’s finance subsidiary, CountryPlace Mortgage, is an authorized Fannie Mae and Freddie Mac vendor/servicer and a Ginnie Mae mortgage-backed securities issuer that gives conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built houses. Our insurance coverage subsidiary, Normal Casualty, offers property and casualty insurance coverage to homeowners of manufactured houses. Further details about Cavco will be discovered at https://www.cavco.com.

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Ahead-Wanting Statements

Sure statements contained on this launch are forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, Part 21E of the Securities Trade Act of 1934 and the Personal Securities Litigation Reform Act of 1995. Typically, all statements that aren’t historic in nature are forward-looking. Ahead-looking statements are sometimes included, for instance, in discussions relating to the manufactured housing business; our monetary efficiency and working outcomes; and the anticipated impact of sure dangers and uncertainties on our enterprise, monetary situation and outcomes of operations. All forward-looking statements are topic to dangers and uncertainties, a lot of that are past our management. In consequence, our precise outcomes or efficiency might differ materially from anticipated outcomes or efficiency. Elements that would trigger such variations to happen embrace, however should not restricted to: the influence of native or nationwide emergencies together with the COVID-19 pandemic, together with such impacts from state and federal regulatory motion that restricts our potential to function our enterprise within the strange course and impacts on (i) buyer demand and the supply of financing for our merchandise, (ii) our provide chain and the supply of uncooked supplies for the manufacture of our merchandise, (iii) the supply of labor and the well being and security of our workforce and (iv) our liquidity and entry to the capital markets; labor shortages and the pricing and availability of uncooked supplies; our potential to efficiently combine previous acquisitions or future acquisitions and the power to realize the anticipated advantages of such acquisitions; involvement in vertically built-in traces of enterprise, together with manufactured housing client finance, business finance and insurance coverage; info expertise failures or cyber incidents; our participation in sure financing applications for the acquisition of our merchandise by business distributors and shoppers, which can expose us to extra threat of credit score loss; important guarantee and development defect claims; our contingent repurchase obligations associated to wholesale financing; a write-off of all or a part of our goodwill; our potential to take care of relationships with impartial distributors; our enterprise and operations being concentrated in sure geographic areas; governmental and regulatory disruption, together with extended delays by Congress and the President to approve budgets or persevering with appropriations resolutions to facilitate the operation of the federal authorities; curtailment of accessible financing from home-only lenders and elevated lending rules; availability of wholesale financing and restricted flooring plan lenders; market forces and housing demand fluctuations; the cyclical and seasonal nature of our enterprise; competitors; normal deterioration in financial circumstances and turmoil within the monetary markets; unfavorable zoning ordinances; intensive regulation affecting the manufacturing and sale of manufactured housing; potential monetary influence on the Firm from the subpoenas we acquired from the SEC and its ongoing investigation, together with the chance of potential litigation or regulatory motion, and prices and bills arising from the SEC subpoenas and investigation and the occasions described in or coated by the SEC subpoenas and investigation, which embrace the Firm’s indemnification obligations and insurance coverage prices relating to such issues, and potential reputational injury that the Firm might undergo; losses not coated by our director and officer insurance coverage, which can be giant, adversely impacting monetary efficiency; lack of any of our govt officers; our potential to generate revenue sooner or later; liquidity and skill to lift capital could also be restricted; organizational doc provisions delaying or making a change in management harder; and volatility of inventory value; along with the entire different dangers described in our filings with the SEC. Readers are particularly referred to the Danger Elements described in Merchandise 1A of the Firm’s Annual Report on Type 10-Okay for the 12 months ended April 3, 2021 as could also be amended once in a while, which determine necessary dangers that would trigger precise outcomes to vary from these contained within the forward-looking statements. Cavco expressly disclaims any obligation to replace any forward-looking statements contained on this launch, whether or not on account of new info, future occasions or in any other case. Traders mustn’t place undue reliance on any such forward-looking statements.

For added info, contact:

Mark Fusler
Director of Monetary Reporting and Investor Relations
investor_relations@cavco.com
Telephone: 602-256-6263
On the Web: www.cavco.com