Cavco Industries, Inc.

1965–2025

About Cavco

Cavco Industries, Inc. (Nasdaq: CVCO), headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. Cavco is one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. Cavco is also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco’s finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Their insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes. Additional information about Cavco can be found at www.cavcohomes.com.

Cavco serves a wide range of customers, from first-time homeowners and luxury seekers to community operators and developers.

In 2025, Cavco Industries celebrated their 60th anniversary. What started as a one-man operation behind the family hardware store in Phoenix, Arizona today stands as an industry-leading manufactured housing company with a mission to help solve the affordable housing crisis.

In 1965, Al Ghelfi founded Roadrunner Manufacturing, AKA Cavalier Manufacturing, and began building recreational truck campers in his father’s hardware store lumber yard. Working with a local salesman, Ghelfi soon had a steady stream of satisfied customers buying his campers. Cavalier Manufacturing, now Cavco Industries, was the beginning of what has become a great American success story.

Cavalier, which solely produced truck campers at the time, grew steadily during the 1960s. But the gasoline scarcity and subsequent price hikes in the 1970s prompted Ghelfi to reimagine his business plan. Americans had suddenly stopped buying truck campers when recreational car travel became more expensive, and Ghelfi knew he had to pivot. When product demand slowed, Ghelfi’s business partner suggested they declare bankruptcy. But Ghelfi had other plans. He bought out his business partner and moved forward with building mobile homes – no gasoline required.

“We will be the best one-per-day mobile home builder in the world,” Ghelfi was quoted as saying. “That’s all we’ll build.” And with that change in his business model, Ghelfi was once again in business. When Cavalier Manufacturing shifted from building recreational truck campers to building housing, Al rebranded Cavalier Company as Cavco Industries.

Cavco continued to flourish and broaden its market by producing manufactured homes, which Housing Urban Development (HUD) regulated in 1976 after Congress passed the National Manufactured Housing Construction and Safety Standards Act. Ghelfi’s business was booming, and Cavco’s revenue quadrupled in the late 1970s.

Cavco Pioneers A New Market: The Park Model Industry

The rooftop modules and parking canopies produce approximately 60% of the electrical power for this temperature-controlled indoor facility.

1988–2025

Cavco led the industry in the development and production of park model homes. In 1988, Cavco began building park model RVs. Cavco built for the outdoor hospitality industry, supplying vacation rentals, “glamping” cabins, cottages and other specialty projects to campgrounds, RV parks and other recreational hospitality businesses. To date, Cavco has sold thousands of park models, cabins and cottages and was largely responsible for the park model boom that first swept Arizona in the 1990s.

In 2021 Cavco launched an 118,000 square-foot-facility in Glendale, Arizona, specifically designed to build luxury park model homes, cabins and cottages. This new production center, called Cavco Park Model RVs & Cabins, builds luxury park models and cabins that are used for resort rentals and seasonal dwellings.

Cost Saving Innovations

As a result of their deep commitment to finding savings in the manufacturing process and passing those savings along to homebuyers, Cavco has begun using solar power in their manufacturing facilities. In 2023, Cavco hired a solar contractor to install solar arrays to provide solar capacity to generate sustainable power. The rooftop modules and parking canopies produce approximately 60% of the electrical power for this temperature-controlled indoor facility.

Said Steve Like, Cavco Senior Vice President Corporate Development, “For our first solar project, we were looking for a way to minimize our electric costs in our first air-conditioned manufacturing facility. Solar energy is a cost-saving investment in every climate and helps us achieve our mission to build homes in a way that keeps costs low.”

From September 2023 to March 2025, this first project eliminated 1,400 tons of Co2 emissions, which is the equivalent of planting 27,500 trees or driving more than 8.5 million miles in a gasoline-powered car. Plans are in the works to solarize the next 3 Cavco plants.

Cavco Partnerships, Expansion And Acquisitions

In 1996, Centex Corporation ventured into the world of manufactured and modular home building, choosing to acquire an 80% ownership stake in Cavco for $75 million. Seven years later, Centex exited the manufactured housing industry, and Cavco was once again an independent company, now listed on NASDAQ.

Cavco has continued to grow to meet customer demands by hand-selecting and acquiring manufactured and modular homebuilders across the country. These acquisitions include Fleetwood Homes (2009), Palm Harbor Homes (2011), Chariot Eagle RV Park Models (2015), Fairmont Homes (2015), Friendship Homes (2015), Destiny Homes (2019), Solitaire Homes (2023) and Commodore Homes (2021), which includes Pennwest Homes, Manorwood Homes, R-Anell Homes and Midcountry Homes.

2008–2024

Cavco Names New President And CEO

After serving on the Board of Directors since 2008 and as Chairman from 2018-2019, Bill Boor became President, CEO and Director of Cavco Industries in 2019. As a result of Bill’s passion for affordable housing and for the Cavco employees, his leadership systemically changed the company and impacted the industry.

As Chairman of the Manufactured Housing Institute (MHI), Boor lobbies at the state and federal level for zoning changes and other affordable housing initiatives. He also testified at the House Subcommittee on Housing and Insurance, representing the industry in energy efficiency and environmental, social and governance (ESG) deliberations. Boor is committed to providing affordable, high-quality and energy-efficient homes for customers and to creating a safe, rewarding workplace for employees.

About joining Cavco, Boor says, “I stepped into the CEO role of a very successful company. Rather than continuing on the established path, we quickly redefined our operating philosophy, integrated our operating businesses and made an explicit strategic commitment to the development and success of our people. We’re an aligned company with a shared vision of making an impact in affordable housing.”

It didn’t take long to see that Boor cared about more than simply growing the company’s bottom line as he set to work building an organization that valued its employees and helped them advance their careers. As an outgrowth of One Cavco – the cultural core values he introduced – this ongoing investment in Cavco’s employees led to extensive safety improvements, product innovations and developmental programs.

Cavco initiated its Safety Now program in 2020. As a result, over the next four years, the company’s Total Recordable Injury Rate (TRIR) steadily improved. In 2024, 90 percent of Cavco’s manufacturing locations achieved a TRIR below the manufactured housing industry average of 7.70.

To tackle the affordable housing crisis close to home, Homes for Our Own (HFOO) was launched in 2022. Primarily funded through employee contributions and matching company funds, this initiative supports employees who would like to purchase their first home. HFOO provides financial courses and matching funds to help employees reach their goal of home ownership.

Cavco also implemented Master of Craft, a structured career development plan for frontline staff that received an APEX Award by Training magazine. The award is presented to the top corporations worldwide that have set the benchmark for employee training and development.

In 2023, Cavco launched its Anthem series, the first nationally available, multi-family HUD-approved duplex series. This product innovation marked a significant step in Cavco’s commitment to help end the affordable housing crisis. The Anthem duplex provides an affordable answer to what federal and local governments have been asking for by doubling the housing density on the same available land.

2024–2025

Cavco Growing Strong

With 31 production facilities at the close of 2024, the combined Cavco brand represents more than 560 years of manufactured and modular homebuilding industry experience. Additionally, the company includes 79 retail locations and employs approximately 6,200.

As the company celebrated their diamond anniversary in 2025, Cavco introduced a new tagline – Where Exceptional Meets Affordable.

“In four words, the tagline resonates with customers and supports our ONE Cavco commitment to provide the industry’s most exceptional homes at affordable prices,” said Colleen Rogers, Senior Vice President of Marketing and Communications. “Our brand represents this commitment to build homes with unmatched value – and with the exquisite finishes and family-friendly designs our customers want,” Rogers said. “This commitment continues to be the foundation of our success and drives us forward.”

In March 2025, Cavco aligned its extensive manufacturing brand lineup under the Cavco name, strengthening its national brand identity and recognition. This repositioning leverages the resources, experience and vision of the Cavco brand with the unique, local expertise and reputation of the regional manufacturing facilities.

Additionally, the company streamlined their product segmentation to maximize digital marketing effectiveness and simplify the homebuying process. This shift ensures prospective homebuyers, dealers, communities, and developers can more easily find the right Cavco-built affordable home that meets their needs.

“With Cavco’s growth and our focus on the customer experience, the time is right to rethink how we can improve the customer’s ability to quickly focus their home search,” said Bill Boor, Cavco President and CEO. “This realignment to a single brand that focuses on product characteristics will transform how we go to market across our national manufacturing operation, leveraging our investment in digital marketing and opening new national marketing opportunities. It’s a big win for Cavco, our retail partners and most importantly, our homebuyers.”