CAVCO INDUSTRIES Business Summary

Cavco Industries, Inc. (CVCO) is a leading designer and manufacturer of factory-built housing, specializing in manufactured homes, modular homes, park model RVs, and commercial structures. The company operates a vertically integrated business model, generating revenue through two primary segments: Factory-built Housing and Financial Services. The housing segment encompasses wholesale production and retail sales via a network of independent dealers and company-owned stores, while the financial services segment provides consumer mortgage lending through CountryPlace Mortgage and property insurance via Standard Casualty Company. Following its 2025 acquisition of American Homestar Corporation, Cavco has significantly expanded its manufacturing and retail footprint. The company maintains its position as the third-largest player in the U.S. manufactured housing market, trailing only Clayton Homes and Skyline Champion Corporation, while competing with Legacy Housing Corporation in the high-growth affordable housing sector. Originally founded in 1965 by Al Ghelfi as Roadrunner Manufacturing, the company is currently led by President and CEO Bill Boor, a CFA charterholder with an MBA from Harvard and a background in industrial strategy at Cleveland-Cliffs and Centex. The executive team is bolstered by EVP and CFO Allison K. Aden, a CPA and former CFO of Diversified Technologies and Schweitzer-Mauduit International with deep expertise in capital allocation and M&A. Other key leaders include Brian Cira (President of Manufacturing) and Seth Schuknecht (General Counsel). The Board of Directors is chaired by Steven Bunger and includes notable independent directors such as Lisa L. Daniels, a former Vice Chair at KPMG. Major institutional stakeholders include Voya Investment Management and BlackRock, reflecting the company's established position as a disciplined consolidator within the North American housing industry.