XML 66 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions
3 Months Ended
Jun. 29, 2013
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions
At June 29, 2013, Third Avenue Management LLC beneficially owned approximately 2.4% of Cavco's outstanding common stock and is also considered a related party under FASB ASC 850, Related Party Disclosures ("ASC 850"). Third Avenue Management LLC and Third Avenue are either directly or indirectly under common control. Third Avenue’s participation in ownership of Fleetwood, the Fleetwood transaction, convertible note payable, and the subsequent Palm Harbor acquisition are therefore considered related party transactions in accordance with ASC 850.
As discussed in Note 19, subsequent to June 29, 2013, Cavco completed the purchase of all noncontrolling interests in Cavco’s subsidiary that owns Fleetwood Homes, Palm Harbor Homes, CountryPlace Mortgage and Standard Casualty Company from Third Avenue on July 22, 2013. The Company satisfied the purchase price of $91.4 million with 1,867,370 newly issued shares of Company common stock. Subsequent to the issuance of the Cavco Shares, Third Avenue owned approximately 22.3% of the Company’s outstanding common stock.