CAVCO INDUSTRIES, INC.

CAVCO INDUSTRIES, INC.

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Company Overview
Cavco Industries, Inc. is a producer of manufactured homes in the United States. It was established in the year 1965 and has its registered head office located in Phoenix, Arizona.
The company is recognized as the largest producer of manufactured homes in the state of Arizona and ranks as the seventh largest producer of manufactured homes in the United States in terms of wholesale shipment dollar volume. Identified as one of the leading producers of park model and cabin vacation homes in the United States, it designs products for subdivisions, mobile home rental parks, private property, and in-fill urban areas. Its products include manufactured homes, park model homes, camping cabins, and commercial buildings. The company’s commercial structures are used as portable classrooms, retail showrooms, and offices.
Cavco supplies multiple brands to independent retailers and company-owned retail centers in the Western United States, Canada and Japan. It markets its product lines of manufactured homes through a network of retailers in California, Nevada, Utah, Arizona, Colorado and New Mexico. Its network of retailers include the Adobe Manufactured Housing, Advance Mobile Homes, Integrity Mobile Home Sales, Country Roads Recreation, Country Homes of Southern Utah, America’s Best Homes, Durango North Village, and Cavco Home Center. The company’s customers are the first time home buyers, growing families, empty nesters, and retirees.
Cavco Industries operates three manufacturing facilities in Arizona and one in Texas. It produces homes under the following trade names: Cedar Valley Cabins, Durango Homes, Litchfield Limited, SunVilla Homes, Vantage, Villager Durango, Villager Litchfield, Vision Homes, Westcourt Homes, and Winrock Homes.
Business Summary
Cavco Industries, Inc. (Cavco) is a producer of manufactured homes in the United States. The Company designs and produces factory-built homes, which are sold to a network of retailers throughout the continental United States. The products it manufactures are sold under a range of brand names, including Cavco Homes and Fleetwood Homes and are offered in a range of floor plans and price ranges. Its business encompasses manufacturing operations and wholesale and retail marketing. The Company produce homes constructed to the building standards promulgated by the United States Department of Housing and Urban Development (HUD) and by the International and Universal Building Codes, as well as park model homes and vacation cabins. The Company and an investment partner, Third Avenue Value Fund (Third Avenue), acquired certain manufactured housing assets and liabilities of Fleetwood Enterprises, Inc. (FEI) on August 17, 2009.
Description and history
Cavco Industries, Inc. (Cavco) is a producer of manufactured homes in the United States. The Company designs and produces factory-built homes, which are sold to a network of retailers throughout the continental United States. The products it manufactures are sold under a range of brand names, including Cavco Homes and Fleetwood Homes and are offered in a range of floor plans and price ranges. Its business encompasses manufacturing operations and wholesale and retail marketing. The Company produce homes constructed to the building standards promulgated by the United States Department of Housing and Urban Development (HUD) and by the International and Universal Building Codes, as well as park model homes and vacation cabins. The Company and an investment partner, Third Avenue Value Fund (Third Avenue), acquired certain manufactured housing assets and liabilities of Fleetwood Enterprises, Inc. (FEI) on August 17, 2009.

The Company’s HUD code homes generally range in size from approximately 500 to 3,300 square feet and typically include two to five bedrooms, a living room, dining room, kitchen and two or more full bathrooms. Its park model homes are less than 400 square feet in size and are purchased primarily for use as second homes, vacation homes or for retirement living and are placed in planned communities or recreational home parks. It also produces vacation cabins and commercial structures for a variety of purposes, including offices and showrooms.

The Fleetwood Homes transaction included seven operating manufactured housing plants located in Nampa, Idaho; Woodburn, Oregon; Riverside, California; Waco, Texas; Lafayette, Tennessee; Douglas, Georgia; and Rocky Mount, Virginia, and two idle factories located in Woodland, California and Waco, Texas. As of March 31, 2010, in addition to the seven factories, the Company also continued to operate its two homebuilding facilities located in the Phoenix, Arizona area, as well as its factory in Seguin, Texas.

The Company sells manufactured homes through seven Company-owned retail outlets and a network of independent retailers. As of March 31, 2010, its products were offered for sale through approximately 978 independent retail outlets in 35 states, Canada and Mexico. As of March 31, 2010, the Company sold 3,255 homes, of which 1,576 were multi-section. Included in single-section homes sold are park model homes, which are less than 400 square feet in size and are purchased primarily for use as second homes, vacation homes or retirement living and are placed in planned communities or recreational home parks.

The Company competes with Palm Harbor Homes, Inc., Clayton Homes, Inc., Champion Enterprises Holding, LLC and Skyline Corporation.

Business Line
Producer of manufactured homes
Subsidiary
C R G HOLDINGS LLC
Advisor
ERNST & YOUNG LLP
IPO date
6/2003
US SIC Code
2451
Company Address
Suite 800
8, North Central Avenue
City province or state postal code
85004, PHOENIX, AZ
Phone: +1 602 256 6263
Fax:
Country address: UNITED STATES OF AMERICA
Website url: www.cavco.com