Cavco acquires The Commodore Corporation for $153M; expands into Northeast

CAVCO INDUSTRIES, INC.

Purchase price of $153M; estimated cash outlay $140M after adjustments and fees, funded with cash on hand.
Commodore generated LTM net sales of ~$258M, sold over 3,700 homes (6,600 modules) through 6 plants and 2 retail stores.
Acquisition expected to close in Cavco's fiscal Q3 2022, subject to regulatory approvals.
Cavco expects the deal to be significantly accretive to earnings and cash flow from operations in FY2022.
Commodore brings commercial loan portfolio >$25M and over 1,200 employees; Barry Shein to support transition.

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