Cavco Industries, CountryPlace Mortgage’s parent company, has announced its acquisition of Solitaire Homes – a manufactured home builder and retailer company.
Solitaire and other related entities were purchased for $93 million (before some adjustments) by Phoenix-headquartered Cavco. Funding for the transaction was provided with cash on hand, according to a release.
The Solitaire Homes company, based in Duncan, Okla., has four manufacturing facilities in New Mexico, Oklahoma, and Mexico, and 22 retail locations throughout New Mexico, Oklahoma, and Texas. Around 500 people are employed by the company, which has warehouses and manufacturing facilities in Presidio and Ojinaga, making it one of the region’s largest employers.
Three to five prefabricated homes cross the international bridge each day from Solitaire’s facilities in Presidio-Ojinaga. Typically, these homes are shipped off to retail stores in the Permian Basin after being assembled in Ojinaga. Raw materials are stored in Presidio.
There were 1,557 homes sold in 2021 by Solitaire. These homes were produced at four facilities in Oklahoma, New Mexico, and Ojinaga. Approximately 950 people work for the company, which operates 22 retail stores. Cavco, a company with headquarters in Phoenix and most of its facilities east of the Mississippi River, has considered Solitaire because of its concentration in the region.
On the other hand, based on reported wholesale shipments, in terms of manufactured and modular homes in the United States, Cavco is one of the largest producers. A company subsidiary, CountryPlace Mortgage, provides factory-built home purchasers with conforming mortgages, non-conforming mortgages, and home-only loans.
Bill Boor, Cavco president and CEO, made a comment that with a well-deserved reputation for quality-built homes, Peter Hogstad and his team have built a strong company at Solitaire. The Cavo team appreciates the confidence they have shown by joining Cavco. Together, the combined companies and people involved will be able to take advantage of exciting opportunities according to Boor.