RIVERSIDE, Calif., Aug. 11 /PRNewswire-FirstCall/ -- Fleetwood Enterprises, Inc. , a leading producer of manufactured homes, today announced that Cavco Industries, Inc. and an investment partner, Third Avenue Trust Value Fund (TAVFX), through FH Holding, Inc., their jointly owned corporation, has been named the highest and best bidder for certain of the company's manufactured housing assets. The winning bid was determined through an auction held by the company, in consultation with the Committee of Creditors, and a Court hearing to approve the sale is scheduled for August 12, 2009 at 1:30 p.m. Pacific Time in Riverside, Calif.

Cavco's final offer of $21.8 million was an increase on a net basis after adjustments of approximately $3.8 million over Cavco's previously announced offer for the same assets. In addition, Cavco agreed to buy Fleetwood's idled Woodland, Calif. plant for $4.8 million.

Cavco, headquartered in Phoenix, Ariz., is a leading producer of manufactured housing, park model homes, and vacation cabins in the United States. Third Avenue Management, the investment adviser to Third Avenue Value Fund, is a New York-based company with expertise in value and distressed investing.

Additional information about Fleetwood's reorganization may be found online in the news section of www.fleetwood.com or at www.kccllc.net/fleetwood.

About Cavco Industries, Inc.

Cavco is one of the largest producers of manufactured housing, park model homes, and vacation cabins in the United States. Headquartered in Phoenix, Ariz., Cavco has built a reputation for quality and value since it opened for business in 1965. Cavco's factory-built homes are produced under various trade names and in a variety of floor plans and price ranges. The company employs approximately 600 people and operates two manufacturing plants in the Phoenix area and one in Seguin, Tex. Additional information about Cavco can be found at www.cavco.com [http://www.cavco.com]

About Third Avenue Management

Third Avenue Management manages approximately $13 billion of assets for private and institutional clients. Most or all of Third Avenue's proposed investment in Fleetwood Enterprises, Inc. will be made by Third Avenue Value Fund, the company's flagship mutual fund.

About Fleetwood Enterprises, Inc.

Founded in 1950, Fleetwood Enterprises, Inc., and its various subsidiaries, historically produced, distributed, and serviced recreational vehicles and manufactured housing. On March 10, 2009, however, the Company filed for Chapter 11 protection. Additional information about the company's reorganization may be found online in the news section of www.fleetwood.com or www.kccllc.net/fleetwood.

This press release contains certain forward-looking statements and information based on the beliefs of Fleetwood's management as well as assumptions made by, and information currently available to, Fleetwood's management. Such statements reflect the current views of Fleetwood with respect to future events and are subject to certain risks, uncertainties, and assumptions, including risk factors identified in Fleetwood's most recent 10-K, 10-Q and other SEC filings.

Contact: Rivian Bell or Sydney Rosencranz The Abernathy MacGregor Group rlb@abmac.com, spr@abmac.com (213) 630-6550; (888) 477-4319 (24/7)

SOURCE Fleetwood Enterprises, Inc.