Fleetwood Homes Wins Palm Harbor Bid in Court

Cavco Industries successfully pulled off its takeover of bankrupt Palm Harbor Homes through its subsidiary, Fleetwood Homes, for $83.9 million at a bankruptcy auction March 1.  Fleetwood, which is 50 percent owned by Cavco and 50 percent by Third Avenue Value Fund, will acquire essentially all of Palm Harbor’s assets, including the manufactured and modular construction equipment, retail stores, and the insurance and financing operations.  According to the Phoenix Business Journal, Dallas-based Palm Harbor, which posted a loss of $10.9 million on sales of $66.3 million Sept. 24, filed Chapter 11 reorganization November 29.  Fleetwood itself was acquired by Cavco for $21.8 million in 2008.  The deal must still be approved by the court.

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