Cavco Industries announced its closing on the acquisition of a 184,000-square-foot manufacturing facility in Hamlet, N.C.
As previously announced, the facility, which currently produces multi-family residential and commercial projects, will be modified to produce homes built under the standards of the U.S. Department of Housing and Urban Development (“HUD code”). The seller, Volumetric Building Companies (“VBC”), will complete existing projects through summer 2022, at which time Cavco will complete renovating the facility for HUD code home production, with an anticipated home production start date by the fourth calendar quarter of 2022. Cavco intends to offer employment to existing facility employees following the transition. Additional employment opportunities are anticipated to become available with the expansion of homebuilding production.
“We are excited to complete the acquisition of the Hamlet facility,” said Bill Boor, president and CEO. “At Cavco we are driven to increase access to affordable housing and, once converted to single-family HUD code production, this represents additional needed supply. VBC built a strong management and production team at Hamlet. We look forward to a bright future together.”
The purchase price was paid in cash at closing and funded with Cavco’s internal capital.
