Cavco Industries has confirmed that, further to the announcement on July 14, the company completed the acquisition of the business of American Homestar Corporation and its subsidiaries (collectively, “American Homestar”), effective Sept. 29.
American Homestar, best known in the market as Oak Creek Homes, operates two manufacturing facilities, 19 retail locations, writes and sells a limited number of manufactured home loans and acts as an agent for third party insurers.
Cavco’s President and Chief Executive Officer Bill Boor said, “We are grateful to Buck Teeter, Dwayne Teeter and the entire American Homestar team for their trust in joining us. This combination is a fantastic cultural and strategic fit, and we are confident that together, our talented teams will unlock new possibilities and create something truly special.”
The purchase price totaled $190 million, subject to customary adjustments at and following closing of the transaction. The acquisition is being funded with cash on hand.
