RIVERSIDE, Calif. — Fleetwood Enterprises, Inc. (OTC Bulletin Board: FLTWQ), a leading producer of manufactured homes, today announced that Cavco Industries, Inc. (Nasdaq: CVCO) and an investment partner, Third Avenue Trust Value Fund (TAVFX), through FH Holding, Inc., their jointly owned corporation, has been named the highest and best bidder for certain of the company’s manufactured housing assets. The winning bid was determined through an auction held by the company, in consultation with the Committee of Creditors, and a Court hearing to approve the sale is scheduled for August 12, 2009 at 1:30 p.m. Pacific Time in Riverside, Calif.
Cavco’s final offer of $21.8 million was an increase on a net basis after adjustments of approximately $3.8 million over Cavco’s previously announced offer for the same assets. In addition, Cavco agreed to buy Fleetwood’s idled Woodland, Calif. plant for $4.8 million.
Cavco, headquartered in Phoenix, Ariz., is a leading producer of manufactured housing, park model homes, and vacation cabins in the United States. Third Avenue Management, the investment adviser to Third Avenue Value Fund, is a New York-based company with expertise in value and distressed investing.