Laval, Québec, March 1, 2019– Savaria Corporation (“Savaria”) (TSX: SIS), one of the global leaders in the accessibility industry, today announced that it has acquired Florida Lifts LLC (“Florida Lifts”), an elevator dealer based in Boynton Beach, Florida, for a purchase price of approximately US $5.6 million (CDN $7.3 million).
Florida Lifts is a full-service elevator and lift company serving the central and south Florida market for over 13 years. The company has consistently ranked as one of Savaria’s top dealers, generating revenue of approximately US $6.1 million (CDN $8.0 million) and earnings before interest, income taxes, depreciation and amortization (EBITDA) of approximately US $1.5 million (CDN $2.0 million) in 2018. In addition, Florida Lifts benefits from an extensive services business, with over 900 active maintenance contracts, which has historically comprised approximately 20-25% of its revenue.
The principal owners of Florida Lifts, Kevin Mannes and Doug Sabra, will continue in their current leadership roles and will manage the company going forward as a division of Savaria.
“We are excited about this opportunity to acquire one of our top performing dealers and partner with their management team to grow our presence in Florida," said Marcel Bourassa, President and Chief Executive Officer of Savaria. "South Florida is an attractive market for high-end residential elevators, including for our Vuelift, and this transaction provides Savaria with the platform to become the dominant player in this key region. It is a pleasure to team up with Kevin and Doug, who are professional and very knowledgeable of this great State of Florida,” concluded Mr. Bourassa.
“Doug and I are extremely happy to join forces with Savaria and cement our long-standing relationship with an industry leader. We are looking forward to leading their expansion into the South Florida market, and together we will be in a stronger position to take advantage of the opportunities ahead,” said Kevin Mannes, Managing Partner of Florida Lifts.
About Savaria Corporation
Savaria Corporation (savaria.com) 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 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 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