Savaria Announces that CEO Marcel Bourassa Has Committed to Purchase an Additional $4M in its Bought Deal Private Placement and Provides Preliminary Results for the First Quarter of 2019


Laval, Québec, April 11, 2019 – Savaria Corporation (“Savaria” or the “Corporation”) (TSX: SIS), one of the global leaders in the accessibility industry, entered into an agreement on April 1st, 2019 with a syndicate of underwriters led by Desjardins Capital Markets to sell 5,000,000 common shares (the “Shares”), on a bought deal private placement basis, at a price of $14.15 per Share (the “Offering Price”), for gross proceeds to the Corporation of $70,750,000 (the “Offering”).

In relation to the Offering, in addition to the 71,000 Shares that insiders of Savaria had initially committed to subscribe for, Savaria announces that Marcel Bourassa, its President and Chief Executive Officer, has further committed to subscribe, at the option of the syndicate, for up to an additional 283,000 Shares at the Offering Price for aggregate proceeds of $4,004,450 (the “Additional Shares”).

In the event that the Additional Shares are purchased by Marcel Bourassa in full, he, along with Jean-Marie Bourassa, the Chief Financial Officer of the Corporation, and Sebastien Bourassa, the Vice President, Operations and Integration of the Corporation, would subscribe for a total of 354,000 Shares for aggregate proceeds of $5,009,100, representing 7.1% of the Shares sold under the Offering.

Preliminary Results for the First Quarter of 2019

In the context of the Offering, Savaria announces its preliminary results for the first quarter of 2019. The Corporation expects first quarter revenue to be approximately $84 million and adjusted EBITDA(1) to be slightly over $10 million, an increase of 48% and 26%, respectively, over the comparable period in 2018.

These preliminary results are based on information available to Savaria as of the date of this release and are subject to revision upon the finalization of Savaria’s quarterly consolidated financial statements. Financial results for the first quarter ended March 31, 2019 will be reported on May 15, 2019.

At the same time, Savaria is also reaffirming its full fiscal year 2019 forecast with respect to revenue of $385 to $400 million and adjusted EBITDA in a range of $55 to $60 million.

(1) This measure is presented for information purposes only and represents a measure of financial condition used especially in financial circles. It represents the following calculation: earnings before interest, taxes, depreciation, amortization, realized and unrealized business acquisition costs, the value adjustment on acquired inventories, stock-based compensation, provision for restructuring costs of Garaventa’s operations in China, proceeds from insurance claim, gain on financial instrument and litigation costs. It does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other public corporations.


Savaria Corporation ( is one of the global leaders in the accessibility industry. It provides accessibility solutions for the physically challenged to increase their comfort, their mobility and their independence. Its product line is one of the most comprehensive on the market. Savaria designs, manufactures, distributes and installs accessibility equipment, such as stairlifts for straight and curved stairs, vertical and inclined wheelchair lifts, elevators for home and commercial use, as well as ceiling lifts. It also manufactures and markets a comprehensive selection of pressure management products for the medical market, medical beds for the long-term care market, mattress overlays and foam pillows for the retail market and certain products for the industrial market. In addition, Savaria converts and adapts vehicles to be wheelchair accessible. Savaria records approximately 75% of its revenue outside of Canada, primarily in the United States. It operates a sales network of some 500 dealers worldwide and 28 direct sales offices in North America, Europe (Switzerland, Germany, Italy, Czech Republic and Poland), Australia and China. Savaria employs approximately 1,400 people globally and its plants are located in Canada: Laval and Magog (Québec), Brampton, Beamsville and Toronto (Ontario) and Surrey (British Columbia), in the United States at Greenville (South Carolina), in Huizhou (China) and in Milan (Italy).

Cautionary Notice Regarding Forward-Looking Statements

The statements set forth in this press release, which describe Savaria’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as “will”, “plan”, “evaluate”, “estimate”, “believe”, “expect” and other related expressions are used to identify such statements. Savaria would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Savaria’s actual results and the projections or expectations set forth in the forward-looking statements include the state of the financial markets, the effects of the integration of acquired businesses and the ability to achieve projected synergies, fluctuations in margins, competition, exchange rate variations, and such other risks as described in detail from time to time in documents such as its annual management report (MD&A) as filed by Savaria with securities regulatory authorities in Canada. Unless otherwise required by applicable securities laws, Savaria disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this press release is based on information available as of the date of the release.


For further information:

Hélène Bernier, CPA, CA
Vice President, Finance
1-800-931-5655, ext. 248

Marcel Bourassa
Chairman, President and Chief Executive Officer

IMPORTANT: Safety notice for current owners of Savaria residential elevators