Cavco Industries, Inc. · NASDAQ:CVCO
Cavco Industries — Merger or Acquisition (October 2022)
9 slides from Cavco Industries's merger presentation, Oct 27, 2022
Slide 1: Planned Acquisition of Solitaire Homes, Inc.
Planned Acquisition of Solitaire Homes, Inc. October 28, 2022 FACTORY-BUILT HOUSING SOLUTIONS
Slide 2: Solitaire Homes Overview
2 Solitaire Homes Overview • Solitaire Homes (“Solitaire”) is a family-owned, vertically integrated factory-built housing manufacturer and retailer • Owned and operated by the Elliott family since its founding in 1965 • Headquartered in Duncan, OK • 4 manufacturing facilities • 1,577 homes sold in 2
Slide 3: Solitaire Homes Geographic Footprint
3 Solitaire Homes Geographic Footprint 2 Manufacturing (4) Retail (22) Note: 10 of the 22 retail locations are currently in an unconsolidated joint venture, which Cavco will be purchasing full ownership.
Slide 4: Transaction Rationale
4 Transaction Rationale • Accretive transaction on an earnings and cash flow from operations basis at an attractive price based on industry benchmarks • Provides Cavco with unique, cross-border manufacturing complex • Expands Cavco’s manufacturing footprint in the Southwest region and manufactures p
Slide 5: Transaction Summary
5 Transaction Summary 0.6x 5.6x EV / FY 2021 Pro-forma Net Revenue EV / FY 2021 Pro-forma EBITDA Purchase Price $93 million, subject to certain closing adjustments and transaction costs Enterprise Value (“EV”) Multiples Note: Dollars in millions. Solitaire Fiscal Year ends the December 31. (1) Finan
Slide 6: Pro Forma Manufacturing Locations
6 Pro Forma Manufacturing Locations Builds on Cavco’s manufacturing footprint in the Southwest, expanding its presence in Texas and adding manufacturing capacity in New Mexico and Oklahoma Cavco HQ 2 Solitaire Facilities (4) Cavco Facilities (27)
Slide 7: Appendix
FACTORY-BUILT HOUSING SOLUTIONS Appendix
Slide 8: Non-GAAP Reconciliation
8 Non-GAAP Reconciliation Note: Dollars in millions. Solitaire Fiscal Year ends the December 31. Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) are metrics not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). Management believes
Slide 9: Forward Looking Statements
9 Forward Looking Statements Certain statements contained in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In general, all state
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