Coachmen Industries Inc. completed today the previously announced acquisition of Mod-U-Kraf Homes Inc. for “nearly $10 million.”
Mod-U-Kraf’s stockholders voted on Wednesday to approve of the sale of their company to Coachmen, which will pay them $11.75 a share in cash.
Based in Rocky Mount, Va., Mod-U-Kraf had around $22 million in sales during 1999. It markets its factory-built homes in the region bounded by Maryland, Georgia and Kentucky.
The acquisition of Mod-U-Kraf is part of Coachmen Chairman Claire Skinner’s effort to grow the company’s modular housing business until its RV and modular housing sales revenue are about equal. During 1999, RVs accounted for 83% of Coachmen’s $843 million in sales revenue, with modular housing comprising the remainder.