Savaria Announces the Closing of a $70,750,000 Bought Deal Private Placement of Common Shares


Not for dissemination in the United States or through any wire service in the United States.Failure to comply with this restriction may constitute a violation of United States securities laws

Laval, Québec, April 24, 2019 – Savaria Corporation (“Savaria” or the “Corporation”) (TSX: SIS) is pleased to announce that it has completed its previously-announced “bought deal” private placement of 5,000,000 common shares (the “Shares”) for gross proceeds to the Corporation of $70,750,000 (the “Offering”). The Shares issued in connection with this private placement are subject to a statutory period which expires on August 25, 2019.

The Offering was led by Desjardins Capital Markets, and included the participation of Cormark Securities Inc., Laurentian Bank Securities Inc., PI Financial Corp and TD Securities Inc.

The net proceeds of the Offering will be used to reduce indebtedness, fund future growth initiatives and for general corporate purposes.

Marcel Bourassa, the Corporation’s President and Chief Executive Officer, Jean-Marie Bourassa, the Corporation’s Chief Financial Officer and Sébastien Bourassa, the Corporation’s Vice-President Operations and Integration, have together committed to subscribe for a total of 354,000 Shares, representing 7.1% of the Shares sold under the Offering.

The Shares were sold in Canada on a private placement basis to "accredited investors" under National Instrument 45-106 and pursuant to certain other available and agreed upon prospectus exemptions. The common shares to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Savaria

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 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 more information, please contact:

Nicolas Rimbert
Vice-President, Corporate Development 
1-800-931-5655, ext. 248
Marcel Bourassa
President and Chief Executive Officer


IMPORTANT: Safety notice for current owners of Savaria residential elevators