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Cavco Reaches Terms on Key Acquisition

March 31st, 2017 1 comment
CavcoReachesTermsonKeyAcquisitioncreditLexingtonHomes-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Lexington Homes.

Cavco Industries Inc. (NASDAQ:CVCO) tells MHProNews that it has signed a Letter of Intent, and has reached an understanding, on terms to acquire Lexington Homes, Inc.

The purchase of Lexington is expected to improve Cavco’s ability to participate in the growing Southeastern housing market, as well as better serve the needs of Lexington customers. The purchase price, due to be paid in cash at closing and funded with Cavco’s internal capital, was not disclosed.

The transaction is subject to the satisfaction of customary closing conditions.

Cavco has been in the news recently, and in their most earnings report, the company delivered $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.11.

cavcoindustriesreportsq2resultscreditcavco-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Cavco Industries.

Those results fueled investor activity, as JP Morgan Chase, BNP Paribas Arbitrage SA, and the Teacher Retirement System of Texas all either increased their stakes in the company or purchased new positions. Cavco was also recently featured as British insurance giant Legal & General made a significant move in its stake in the company.

As Daily Business News readers are aware, Phoenix, AZ-based Cavco Industries is one of the largest producers of manufactured homes, as well as a builder of modular and park model homes, vacation cabins and commercial structures. Factory-built homes are designed and produced under such brand names as Cavco Homes, Fleetwood Homes and Palm Harbor Homes.

CavcoReachesTermsonKeyAcquisitioncreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Cavco 1 year look. Credit: Bloomberg.

Lexington Homes provides affordable manufactured housing from its manufacturing plant in Lexington, Mississippi to its retail distributors in the Southeastern United States. The company was founded in 2004 by individuals with combined experience of over 100 years in the manufactured housing industry.

Cavco is also one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews

Arkansas MHA Names Industry Achievement Recipients

October 15th, 2015 Comments off

arkansas mfg housing assocThe Arkansas Manufactured Housing Association (AMHA), at its 44th Annual Meeting and Convention held in Little Rock, presented Industry Achievement Awards to association members for their contributions to the manufactured home industry.

AMHA Executive Director J. D. Harper tells MHProNews Country Comfort Homes of Hot Springs, AR was named 2015 Sales Center of the Year for their outstanding customer service. Country Comfort is the state’s largest-volume seller of custom factory-built homes by Deer Valley Home Builders of Guin, Alabama and Scot-Bilt Homes of Waycross, Georgia.

Lexington Homes, Inc. of Lexington, Mississippi received the Manufacturer of the Year Award for the consistency of their production of HUD Code homes shipped into the state.

The 2015 Factory Sales Representative of the Year honor goes to Ed Spaeth of Lexington Homes. He began his career in the MH industry in 1982, selling homes for Spirit Homes in Conway, AR until it closed in 2002. He remained with Spirit’s parent organization, Cavalier Homes, until 2011, and has been with Lexington Homes the last three years.

The 2015 Supplier of the Year award goes to A&R Mobile Home Supply of Cabot, AR. Founded in 1987 by Russell McGough, A&R is still a family-owned business supplying a wide range of service and supplies to the factory-built home business. ##

(Image credit: Arkansas Manufactured Housing Association)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to DailyBusiness News-MHProNews.

State Manufactured Housing Association Reveals Honors Bestowed

October 27th, 2014 Comments off

arkansas mfg housing assocThe Arkansas Manufactured Housing Association (AMHA) recognized leaders in the industry at its 43rd Annual Convention in Little Rock recently, MHProNews  learned from AMHA Executive Director,  J. D. Harper.

Kevin Hawks of Hawks Enterprises was inducted into AMHA’s Hall of Fame, which is the highest honor bestowed upon any individual for a lifetime of achievement. A ten year board member of the AMHA, he was recently re-appointed as an industry representative by Gov. Mike Beebee to the state agency that regulates the factory-built housing industry. Hawks Enterprises has received the “Retailer of the Year” award three times.

Other honors akevin_hwaks__hawks_sales_ar_hall_of_fame_oct_2014warded:

Putnam Homes of Fort Smith named 2014 “Sales Center of the Year.”

Lexington Homes, Inc. named “Manufacturer of the Year.”

Ben Hooker of Southern Estates named “Factory Sales Representative of the Year.”

A&R Mobile Home Supply and Service of Cabot named “Supplier of the Year.”

Members Recognized for Long-Time Membership of Arkansas MHA:

> Skyline Homes for 40 years
> Franklin Homes for 30 years
> Capital Buyers for 20 years. ##

(Image credit, top: AMHA

Photo credit: AMHA–Kevin Hawks)

matthew-silver-daily-business-news-mhpronews-com(Submitted by Matthew J. Silver to Daily Business News-MHProNews)