Cavco Industries Announces Acquisition of Manufacturing Facility in North Carolina, Expanding Affordable Home Production Capabilities

PHOENIX, February 28, 2022 - Cavco Industries, Inc. (Nasdaq: CVCO) today announced that an agreement has been signed to acquire a 184,000 square-foot manufacturing facility in Hamlet, North Carolina, which will be modified to produce homes built under the standards of the U.S. Department of Housing and Urban Development ("HUD code").

Bill Boor, President and Chief Executive Officer, said, "Demand for our homes, and affordable homes in general, continues to be very strong. With the addition of this new facility, which will bring our total number of homebuilding production lines to 27, we are expanding access to much-needed affordable housing solutions and strengthening our position in the region. This is a great opportunity to quickly bring new capacity online with an in-place and capable workforce."