Cavco Industries, Inc. · NASDAQ:CVCO
Cavco Industries — Merger or Acquisition (October 2022)
9 slides from Cavco Industries's merger presentation, Oct 28, 2022
Slide 1: Planned Acquisition of Solitaire Homes, Inc.
FACTORY-BUILT HOUSING SOLUTIONS Planned Acquisition of Solitaire Homes, Inc. October 28, 2022
Slide 2: Solitaire Homes Overview
Solitaire Homes Overview • Solitaire Homes (“Solitaire”) is a family-owned, vertically Key Statistics integrated factory-built housing manufacturer and retailer • 4 manufacturing facilities • Owned and operated by the Elliott family since its • 1,577 homes sold in 2021 (excludes the Duncan, founding
Slide 3: Solitaire Homes Geographic Footprint
Solitaire Homes Geographic Footprint Note: 10 of the 22 retail locations are currently in an unconsolidated joint venture, which Cavco will be purchasing full ownership. Manufacturing (4) 2 Retail (22) 3
Slide 4: Transaction Rationale
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 pro
Slide 5: Transaction Summary
Transaction Summary Purchase Price Enterprise Value (“EV”) Multiples $93 million, subject to certain 5.6x closing adjustments and transaction costs Financial Results (1) FY 2021 Pro-forma Net FY 2021 Pro-forma 0.6x Revenue EBITDA $156.3 $16.5 EV / FY 2021 Pro-forma EV / FY 2021 Pro-forma Net Revenue
Slide 6: Pro Forma Manufacturing Locations
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 Solitaire Facilities (4) Cavco Facilities (27) 2 6
Slide 7: Appendix
Appendix FACTORY-BUILT HOUSING SOLUTIONS
Slide 8: Non-GAAP Reconciliation
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 EB
Slide 9: Forward Looking Statements
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 stateme
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