Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Instagram Outage Disrupts Thousands of U.S. Users 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
PHOENIX, March 28, 2017 -- Cavco Industries Inc. (NASDAQ:CVCO) today announced that it has signed a Letter of Intent and has reached an understanding on the principal terms to acquire Lexington Homes, Inc. (“Lexington”). Lexington provides affordable manufactured housing from its manufacturing plant in Lexington, Mississippi to its retail distributors in the Southeastern United States.
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, which will 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.
About Cavco Industries, Inc.
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. The Company is one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments, marketed under a variety of brand names including Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes and Chariot Eagle. The Company is also a leading producer of park model RVs, vacation cabins, and systems-built commercial structures, as well as modular homes built primarily under the Nationwide Custom Homes brand. Including Lexington, the Company will employ approximately 4,200 people and operate twenty manufacturing plants along with retail home centers, housing finance and homeowner insurance businesses. Additional information about Cavco can be found at www.cavco.com.
About Lexington Homes, Inc.
Lexington Homes, Inc. was founded in 2004 by individuals with combined experience of over 100 years in the manufactured housing industry. Lexington operates one manufacturing plant in Lexington, Mississippi and distributes homes through a network of independent retailers in the Southeastern United States. More information about Lexington can be found at www.lexington-homes.com.
For additional information, contact: Dan Urness CFO and Treasurer [email protected] Phone: 602-256-6263 On the Internet: www.cavco.com
