Berkshire Hathaway subsidiary Clayton Homes Inc. has agreed to buy Addison, Ala.-based Southern Energy Homes for $116.5 million, according to an Associated Press report.
Southern Energy, which operates six production facilities in the Southeast and employs around 1,200 workers, acquired in March New Tazewell, Tenn.-based manufactured housing builder Giles Industries Inc., including the assets of affiliate SunRay RV LLC.
SunRay, founded by Giles president and CEO Alan Neely in 2003, employs approximately 60 workers and produces an entry-level line of travel trailers under the Smokey brand.
Southern Energy builds about 7,000 homes a year and had a 2005 net income of $8.9 million on sales of $202 million. The company was founded in 1982 in Addison.
Berkshire Hathaway is the Omaha, Neb., conglomerate controlled by billionaire investor Warren Buffett. It owns a variety of companies, including full-line RV builder Forest River Inc., Elkhart, Ind.