Cardinal Homes, Inc.

A Virginia-based manufactured home builder with a 50-year legacy faced a period of declining sales and financial strain that left it in default under its secured loan. Limited working capital restricted its ability to pursue new projects and sustain growth, creating a critical need for a strategic solution.

To address these challenges, advisors were brought in to explore options for investors or potential buyers and to structure a path forward for the business. During the outreach process, 40 companies signed confidentiality agreements and conducted careful evaluations of the opportunity to invest in or acquire the company. With targeted negotiations and strategic guidance, a transaction was facilitated that fully satisfied the secured debt, ensured the retention of employees, and positioned the company with adequate capitalization to continue operations and pursue future growth.