Acquisitions

12 Months Ended

Mar. 28, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

American Homestar Acquisition

On September 29, 2025 (the "Acquisition Date"), we completed the acquisition of American Homestar, including their two manufacturing facilities and 19 retail locations, by acquiring 100% of the outstanding stock for total consideration of $181.3 million paid with cash on hand. This purchase enhances our position in the South Central U.S. while adding coverage and scale with high quality products. We believe this purchase will have a positive financial impact with accretive earnings and cash flow and meaningful improvement opportunities including cost, purchasing and product optimization synergies.

We have expensed $5.0 million in acquisition related transaction costs in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income and have not incurred debt in connection with the purchase or subsequent operations.

The following table presents the fair values of the assets that we acquired and the liabilities that we assumed as of the Acquisition Date (in thousands). The purchase accounting is provisional and certain estimated fair values for Accounts payable and accrued expenses and Deferred income taxes are not yet finalized and are subject to change, which could be significant. We will finalize the amounts recognized as we obtain the information necessary to complete the analysis. We expect to finalize these amounts as soon as possible but no later than one year from the Acquisition Date. During the three months ended March 28, 2026, we made certain adjustments to the assets and liabilities based on information that became available.


	September 29, 2025		Adjustments		September 29, 2025 (as Adjusted at March 28, 2026)
Cash	$	8,484	$	—	$	8,484
Accounts receivable	5,310		—		5,310
Other current assets	2,574		238		2,812
Inventories	47,855		—		47,855
Property, plant and equipment	37,160		(49)		37,111
Consumer loans receivable	1,870		—		1,870
Operating lease right-of-use asset	2,952		(459)		2,493
Intangible assets(1)	13,300		—		13,300
Total identifiable assets acquired	119,505		(270)		119,235
Accounts payable and accrued liabilities	16,757		(1,225)		15,532
Operating lease liability	2,952		(459)		2,493
Deferred tax liability	5,700		1,114		6,814
Net identifiable assets acquired	94,096		300		94,396
Goodwill(2)(3)	85,834		1,038		86,872
Net assets acquired	$	179,930	$	1,338	$	181,268

(1) Consists of $13.3 million assigned to customer-related intangibles, subject to a useful life of 14 years amortized on a straight-line basis. Fair value was derived from an income approach, specifically a multi-period excess earnings method, which incorporates assumptions including customer attrition rates, projected revenues, and discount rates.

(2) Attributable to the Factory-built housing segment and not deductible for income tax purposes.

(3) Change in Goodwill due to Adjustments to Net identifiable assets acquired and an increase in purchase price of $1.3 million due to finalization of closing adjustments.

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in business combinations. The goodwill recognized is attributable primarily to the expected synergies in purchasing and product distribution optimization from combining operations, the assembled workforce in one of the most important manufactured housing markets in the U.S., and more broadly the added capacity and distribution needed to meet growing housing needs.

Since the Acquisition Date, American Homestar has contributed Net revenue of $91.3 million and Net income of $5.2 million for the year ended March 28, 2026.

Pro Forma Impact of American Homestar Acquisition (Unaudited). The following table presents supplemental pro forma information as if the American Homestar acquisition had occurred on March 31, 2024 (in thousands, except per share data):


	Year Ended
	March 28, 2026		March 29, 2025
Net revenue	$	2,344,778	$	2,197,427
Net income	196,834		183,713
Diluted net income per share	24.77		22.24

Fiscal Year 2024 Kentucky Dream Homes Acquisition

On November 15, 2023, the Company acquired certain assets and assumed certain liabilities of Kentucky Dream Homes, LLC ("KDH"), a manufactured home retailer with locations in Kentucky and Florida for total consideration of $23.3 million, which includes $5.4 million non-cash commercial loan forgiveness. The remaining $17.9 million was paid with cash on hand. The business is included in the factory-built housing reportable business segment. The fair value of the assets acquired and liabilities assumed included $23.5 million of inventory, $4.4 million of goodwill and certain other assets and liabilities. We have included the financial results in our Consolidated Financial Statements from the date of acquisition. Pro forma historical results of operations related to this acquisition have not been presented because they are not significant to our Consolidated Financial Statements for the periods presented.

- Definition

The entire disclosure for business combination.

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+ Details

CAVCO INDUSTRIES, INC. 10-K