Silvercrest Agrees to Sell Unit Manufacturing Mobile Homes
Silvercrest Industries Inc. of Santa Ana said Thursday it has agreed to sell its mobile home manufacturing subsidiary, a move that would reduce the company’s interests to the ownership and operation of mobile home parks.
First Capital Acquisitions Inc. in Los Angeles has agreed to pay $1 million for the operation and assume $14 million of debt, according to Silvercrest.
Silvercrest placed the manufacturing subsidiary on the block last year. The unit accounts for more than three-quarters of Silvercrest’s sales and profits.
Without the subsidiary, Silvercrest will “not have any significant ongoing business operations,” the company said, although it will continue to own and operate some mobile home parks.
Earlier this year, Silvercrest sold its interest in a big mobile home subdivision in the San Fernando Valley after being accused of fraud in a lawsuit by its partner, giant Los Angeles home builder Kaufman & Broad Inc.
Publicly held Silvercrest lost $2.1 million on sales of $55.3 million last year and has had a recent series of financial setbacks.
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