Cavco signs binding offer to acquire Solitaire Homes for $93M cash

CAVCO INDUSTRIES, INC.

Purchase price $93M, subject to adjustments; expected close early Q4 fiscal 2023.
Solitaire has 4 manufacturing facilities, 22 retail stores, 950 employees; FY2021 pro-forma EBITDA $16.5M on $156.3M revenue.
Expands Cavco's Southwest footprint and adds cross-border manufacturing in Mexico.
Entirely cash-funded; Cavco expects transaction to be accretive to earnings and cash flow.
Solitaire produced ~1,600 homes in 2021 from NM and Mexico plants; Duncan, OK facility restarted in 2022.

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