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

PHOENIX, April 21, 2022 - Cavco Industries, Inc. (Nasdaq: CVCO) ("Cavco") today announced its closing of the acquisition of a 184,000 square-foot manufacturing facility in Hamlet, North Carolina. As previously announced, the facility, which currently produces multi-family residential and commercial projects, will be modified to produce homes built under the standards of the U.S. Department of Housing and Urban Development ("HUD code"). The seller, Volumetric Building Companies ("VBC"), will complete existing projects through summer 2022, at which time Cavco will complete renovating the facility for HUD code home production, with an anticipated home production start date by the fourth calendar quarter of 2022. Cavco intends to offer employment to existing facility employees following the transition. Additional employment opportunities are anticipated to become available with the expansion of homebuilding production.