# EDGAR Filing Document

**Accession Number:** 0000278166
**File Stem:** 0000278166-23-000003
**Filing Date:** 2023-1
**Character Count:** 13381
**Document Hash:** efe229c0b88ff8f884de8847f44f0324
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000278166-23-000003.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0000278166-23-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230103

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAVCO INDUSTRIES INC.
- **CENTRAL INDEX KEY:** 0000278166
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOBILE HOMES [2451]
- **IRS NUMBER:** 860214910
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0401

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-08822
- **FILM NUMBER:** 23502134

**BUSINESS ADDRESS:**
- **STREET 1:** 3636 N CENTRAL AVE
- **STREET 2:** STE 1200
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85012
- **BUSINESS PHONE:** 602-256-6263

**MAIL ADDRESS:**
- **STREET 1:** 3636 N CENTRAL AVE
- **STREET 2:** STE 1200
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85012

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAVCO INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? cvco-20230103

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): January 3, 2023**

**CAVCO INDUSTRIES INC.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-08822** | **56-2405642** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **3636 North Central Avenue, Suite 1200** | **3636 North Central Avenue, Suite 1200** | **3636 North Central Avenue, Suite 1200** | **3636 North Central Avenue, Suite 1200** |
| | **Phoenix** | **Arizona** | **85012** |
| **(Address of principal executive offices, including zip code)** | **(Address of principal executive offices, including zip code)** | **(Address of principal executive offices, including zip code)** | **(Address of principal executive offices, including zip code)** |

---

**Registrant's telephone number, including area code: (602) 256-6263**

**Not applicable**

**(Former name or former address, if changed from last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 | CVCO | The Nasdaq Stock Market LLC |
|  |  | (Nasdaq Global Select Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 8.01.&nbsp;&nbsp;&nbsp;&nbsp;Other Events**

On January 3, 2023, Cavco Industries, Inc., (the "Company") issued a press release confirming that, further to the announcement on October 27, 2022, the Company completed the acquisition of the business of Solitaire, Inc. and other related entities (collectively "Solitaire Homes"), effective January 3, 2023. A copy of the Company's press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

---

| | |
|:---|:---|
| **Exhibit**<br>**<u>Number</u>** | **<u>Description</u>** |
| <u>[99.1](cvco-20230103xex991.htm)</u> | <u>[Press Release, dated January 3, 2023](cvco-20230103xex991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| CAVCO INDUSTRIES, INC.  | CAVCO INDUSTRIES, INC.  |
| By: | /s/ Mickey R. Dragash |
|  | Mickey R. Dragash<br>Executive Vice President, General Counsel, Corporate Secretary <br>& Chief Compliance Officer |

---

Date: January 3, 2023

## Exhibit 99.1

---

| | |
|:---|:---|
| ![cavco_logo.jpg](cavco_logo.jpg) | &nbsp;&nbsp;&nbsp;***For additional information, contact:*** |
| ![cavco_logo.jpg](cavco_logo.jpg) | &nbsp;&nbsp;**Mark Fusler**<br>Corporate Controller and Investor Relations |
| **News Release** | &nbsp;&nbsp;**Email:** investor_relations@cavco.com<br>**Phone:** 602-256-6263<br>**On the Internet:** www.cavco.com |

---

***<u>FOR IMMEDIATE RELEASE</u>***

**CAVCO INDUSTRIES ANNOUNCES THE COMPLETION OF THE ACQUISITION OF MANUFACTURED HOME BUILDER AND RETAILER, SOLITAIRE HOMES**

PHOENIX, Ariz., January 3, 2023 (GLOBE NEWSIRE) – Cavco Industries, Inc. (Nasdaq: CVCO) ("Cavco" or the "Company") is pleased to confirm that, further to the announcement on October 27, 2022, the Company completed the acquisition of the business of Solitaire, Inc. and other related entities (collectively "Solitaire Homes"), effective January 3, 2023. Headquartered in Duncan, Oklahoma, Solitaire Homes operates four manufacturing facilities, twenty-two retail locations and dedicated transportation operations.

Cavco's President and Chief Executive Officer Bill Boor said, "Pete Hogstad and the team at Solitaire have built a strong company with a well-deserved reputation for quality-constructed homes. We're grateful for the confidence they have shown in us with their decision to join the Cavco family. This is an outstanding fit that will create exciting opportunities for the combined companies and people involved."

The purchase price totaled $93 million, before certain adjustments. The acquisition is being funded with cash on hand.

**<u>About Cavco</u>** 

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. Our products are marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood and MidCountry. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes. Additional information about Cavco can be found at www.cavcoindustries.com.

**<u>About Solitaire Homes</u>**

Solitaire Homes was founded in 1965 by Jerry and Helen Elliott. It operates manufacturing facilities in New Mexico, Oklahoma and Mexico, with retail locations across New Mexico, Oklahoma and Texas. Additional information about Solitaire Homes can be found at www.solitairehomes.com.

------

**<u>Forward-Looking Statements</u>**

*Certain statements contained in this release are forward-looking statements. In general, all statements that are not historical in nature are forward-looking. Forward-looking statements are typically included, for example, in discussions regarding the manufactured housing industry; our financial performance and operating results; and the expected effect of certain risks and uncertainties on our business, financial condition and results of operations. All forward-looking statements are subject to risks and uncertainties, many of which are beyond our control. As a result, our actual results or performance may differ materially from anticipated results or performance. Factors that could cause such differences to occur include, but are not limited to: the impact of local or national emergencies including the COVID-19 pandemic, including such impacts from state and federal regulatory action that restricts our ability to operate our business in the ordinary course and impacts on (i) customer demand and the availability of financing for our products, (ii) our supply chain and the availability of raw materials for the manufacture of our products, (iii) the availability of labor and the health and safety of our workforce and (iv) our liquidity and access to the capital markets; labor shortages and the pricing and availability of transportation or raw materials; increased health and safety incidents; our ability to negotiate reasonable collective bargaining agreements with the unions representing certain employees; increases in the rate of cancellations of home sales orders; our ability to successfully integrate past acquisitions or future acquisitions; involvement in vertically integrated lines of business, including manufactured housing consumer finance, commercial finance and insurance; information technology failures or cyber incidents; our ability to maintain the security of personally identifiable information of our customers, suppliers and employees; our participation in certain financing programs for the purchase of our products by industry distributors and consumers, which may expose us to additional risk of credit loss; our exposure to significant warranty and construction defect claims; our exposure to claims and liabilities relating to products supplied to the Company or work done by subcontractors; our contingent repurchase obligations related to wholesale financing provided to industry distributors; a write-off of all or part of our goodwill; our ability to maintain relationships with independent distributors; our business and operations being concentrated in certain geographic regions; taxation authorities initiating or successfully asserting tax positions which are contrary to ours; governmental and regulatory disruption, including prolonged delays by Congress and the President to approve budgets or continuing appropriations resolutions to facilitate the operation of the federal government; curtailment of available financing from home-only lenders and increased lending regulations; the effect of increasing interest rates on our customer's ability to finance home purchases; availability of wholesale financing and limited floor plan lenders; market forces, rising interest rates and housing demand fluctuations; the cyclical and seasonal nature of our business; competition; general deterioration in economic conditions and turmoil in the financial markets; unfavorable zoning ordinances; extensive regulation affecting the production and sale of manufactured housing; potential financial impact on the Company from the recently settled regulatory action by the SEC against the Company, including potential higher insurance costs as a result of such action, potential reputational damage that the Company may suffer and the Company's potential ongoing indemnification obligations related to ongoing litigation not involving the Company; losses not covered by our director and officer insurance, which may be large, adversely impacting financial performance; loss of any of our executive officers; liquidity and ability to raise capital may be limited; and organizational document provisions delaying or making a change in control more difficult; together with all of the other risks described in our filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended April 2, 2022 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Cavco expressly disclaims any obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise, as required by law. Investors should not place undue reliance on any such forward-looking statements.*

<br>