Fleetwood Enterprises has sold its manufactured housing division to Cavco Industries of Phoenix, and an investment partner, Third Avenue Trust Value Fund, for $21.9 million. As part of the deal, Cavco agreed to buy Fleetwood’s manufacturing plant in Woodland, California, for $4.8 million.
Cavco is one of the nation’s largest producers of manufactured housing, park model homes and vacation cabins. Fleetwood Enterprises, which filed for bankruptcy in March, sold its motorhome business in July to American Industrial Partners Capital Fund for $33.2 million. Production of Fleetwood RV motorhomes is continuing under the new ownership.
The sale to Cavco did not include a Fleetwood manufactured housing plant in Garrett, Indiana. In a separate agreement, Fleetwood Enterprises accepted an offer from a new company, Adventure Homes, to buy the Garrett plant, equipment and inventory for $1.75 million. Walter Comer, former plant manager for Fleetwood, is one of the principals in the new company, which intends to operate the plant as an independent producer of manufactured homes.