Cavco Industries, Inc. and Fleetwood Enterprises, Inc. announced that that they have signed an indication of interest in which Cavco and an investment partner, Third Avenue Trust Value Fund to purchase Fleetwood's manufactured housing business.
Cavco, headquartered in Phoenix, Ariz., is a leading producer of manufactured housing, park model homes, and vacation cabins in the United States. Third Avenue Management, the investment adviser to Third Avenue Value Fund, is a New York-based company with expertise in value and distressed investing.
Fleetwood is a producer of recreational vehicles and manufactured housing and has been operating under Chapter 11 protection since March 10, 2009.
The Fleetwood assets proposed for purchase include seven manufactured housing plants, one office building, all related equipment, accounts receivable, inventory, certain trademarks and trade names, intellectual property, and specified contracts and leases. The manufactured housing plants are located in Nampa, Ida.; Woodburn, Ore.; Riverside, Calif.; Waco, Tex.; Lafayette, Tenn.; Douglas, Ga.; and Rocky Mount, Va. The proposed purchase does not include the company's operating plants in Alma, Ga., Elizabethtown, Penn. and Garrett, Ind. The facilities included in the proposed purchase currently employ more than 700 people in seven states.
"The Fleetwood brand is one of the strongest in the industry, and we are excited to have this opportunity to integrate Fleetwood's strong family of product offerings with our own growing business," said Joe Stegmayer, Cavco president and chief executive officer. "We look forward to supporting Fleetwood's operating factories and experienced people as they continue to serve their excellent independent retailer network."
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