Cavco to acquire American Homestar for $190 million in cash, subject to closing conditions
Cavco Industries agreed on July 14, 2025 to acquire American Homestar Corporation, a Texas-based manufactured home builder and retailer, for a base price of $190 million in cash, to be funded from existing cash on hand. American Homestar had revenues of $194 million and net income of $16.6 million for the twelve months ended May 31, 2025, according to the company's press release; the deal is expected to close in Cavco's fiscal third quarter of 2026 and Cavco expects it to be accretive to earnings and cash flow from operations.
Key points
- Base purchase price of $190 million in cash, subject to customary adjustments for indebtedness and working capital
- American Homestar revenues of $194 million, net income of $16.6 million and Adjusted EBITDA of $17.8 million for the twelve months ended May 31, 2025
- Closing expected in Cavco's third quarter of fiscal 2026; merger agreement can be terminated if not completed by October 31, 2025
- Requires approval of at least 80% of American Homestar's voting power and Hart-Scott-Rodino waiting period expiration; American Homestar would pay a $6 million termination fee in specified circumstances
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:00 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 14, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.