MHProNews has learned from globenewswire that manufactured and modular home builder Cavco Industries, Inc. (NASDAQ:CVCO) has acquired Fairmont Homes, Inc. of Nappanee, Indiana through its wholly-owned subsidiary, FH Group, LLC.. With manufacturing plants in Indiana and Minnesota, Fairmont produces manufactured and modular homes and park model recreational vehicles (RVs), and homes built to Canadian codes.
“We are pleased to have the Fairmont business and employees join the Cavco group of companies,” said Cavco President Joe Stegmayer. “We believe that Fairmont’s strong production capabilities, reputation for product quality and service and its excellent customer base fit well with Cavco’s philosophy and approach to doing business.”
Fairmont’s products will continue to be sold under the Fairmont, Century, Friendship and Harmony names, and Brian Cira will continue on as president of Fairmont Homes.
In addition to manufactured and modular housing, from its headquarters in Phoenix, Arizona, Cavco also produces park model RVs and vacation homes, under subsidiaries Fleetwood Homes, Palm Harbor Homes, Nationwide Homes and Chariot Eagle, through 19 manufacturing facilities.
Although the purchase price was not disclosed, the acquisition was funded with Cavco’s internal capital. ##
(Image credit: Cavco Industries, Inc.)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.