Cavco Industries rises on acquisition of Commodore Corp
26/07/2021 17:14
** Shares of manufactured homes producer CVCO.O up 5.5% at
$230
** Co to acquire business and certain assets and liabilities
of The Commodore Corp, including its six manufacturing
facilities and two wholly owned retail locations
** Purchase price totals $153 mln, before certain
adjustments that will be determined upon close of the
transaction urn:newsml:reuters.com:*:nGNXb29Q55
** For the last 12 months ended March 31, 2021, Commodore
generated net sales of about $258 mln and sold over 6,600
modules, equating to over 3,700 homes - CVCO
** CVCO expects this acquisition to be significantly
accretive to earnings and cash flow from operations in fiscal
year 2022
** Stock up ~31% YTD
(Reporting by Sahil Shaw in Bengaluru)
((sahil.shaw@thomsonreuters.com))