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 on Nov 8, 2026, 1:00 AM ET, from this filing 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 and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.