M&A Deal Summary

Cavco Acquires The Commodore

On July 26, 2021, Cavco acquired construction company The Commodore for 153M USD

Acquisition Highlights
  • This is Cavco’s 3rd transaction in the Construction sector.
  • This is Cavco’s largest (disclosed) transaction.
  • This is Cavco’s 4th transaction in the United States.
  • This is Cavco’s 2nd transaction in Indiana.

M&A Deal Summary
Date 2021-07-26
Target The Commodore
Sector Construction
Buyer(s) Cavco
Deal Type Add-on Acquisition
Deal Value 153M USD
Advisor(s) Whelan Advisory LLC
Lincoln International (Financial)

Target

The Commodore

Elkhart, Indiana, United States
website
The Commodore is an independent manufactured and modular homebuilder in the United States, operating under a variety of brand names including Commodore Homes of Pennsylvania, Commodore Homes of Indiana, Colony Homes, MidCountry Homes, Pennwest Homes, and R-Anell Homes. The Commodore was founded in 1952 and is based in Elkhart, Indiana.

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Buyer(S) 1

Buyer

Cavco

Phoenix, Arizona, United States

website

Category Company
Founded 1965
Sector Construction
Employees6,300
Revenue 1.6B USD (2022)
DESCRIPTION
Cavco's corporate headquarters in downtown Phoenix, Arizona.
Cavco's corporate headquarters in downtown Phoenix, Arizona.

Cavco is a US builder of manufactured and modular homes, park model homes and vacation cabins. Cavco was incorporated in 1965 and is based in Phoenix, Arizona.

DEAL STATS #
Overall 4 of 5
Sector (Construction) 3 of 4
Type (Add-on Acquisition) 4 of 5
State (Indiana) 2 of 2
Country (United States) 4 of 5
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-29 Destiny Industries

Moultrie, Georgia, United States

Destiny Industries LLC operates one manufacturing facility located in Moultrie, Georgia and employs over 250 people. Destiny Homes produces and distributes manufactured and modular homes through a network of independent retailers in the Southeastern United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-27 Solitaire Homes

Duncan, Oklahoma, United States

Solitaire Homes operates manufacturing facilities in New Mexico, Oklahoma, and Mexico, with retail locations across New Mexico, Oklahoma, and Texas. The New Mexico and Mexico facilities produced nearly 1,600 homes in the calendar year 2021. The Duncan, Oklahoma facility was recently reopened in 2022. For its two Mexico facilities, a dedicated warehouse in Presidio, Texas acquires and stores raw materials, which are then assembled directly across the border in Ojinaga, Mexico. Retail stores are located in New Mexico, Oklahoma, and Texas and exclusively sell homes built by Solitaire Homes manufacturing facilities. Solitaire Homes was formed in 1965 and is based in Duncan, Oklahoma.

Buy $93M
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