Move positions company as a leading producer of manufactured homes in the US
Cavco Industries, the parent company of CountryPlace Mortgage, has announced its acquisition of manufactured home builder and retailer company Solitaire Homes.
Phoenix-headquartered Cavco confirmed purchasing Solitaire and other related entities for $93 million (before certain adjustments). According to a release, the transaction was funded with cash on hand.
Based in Duncan, Okla., Solitaire Homes operates four manufacturing facilities in New Mexico, Oklahoma and Mexico, with 22 retail locations across New Mexico, Oklahoma and Texas.
Meanwhile, Cavco is one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. The company’s finance subsidiary, CountryPlace Mortgage, provides conforming, non-conforming mortgages, and home-only loans to purchasers of factory-built homes.
Commenting on the deal, Cavco president and CEO Bill Boor said: “Pete Hogstad and the team at Solitaire have built a strong company with a well-deserved reputation for quality-constructed homes. We’re grateful for the confidence they have shown in us with their decision to join the Cavco family. This is an outstanding fit that will create exciting opportunities for the combined companies and people involved.”
Want to make your inbox flourish with mortgage-focused news content? Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
