Savaria Corporation (“Savaria” or the “Corporation”) (TSX: SIS), a
global leader in the accessibility industry, is pleased to announce
that it has completed its previously announced issue and sale of
common shares (“Common Shares”) pursuant to a public offering (the
“Offering”) and a concurrent private placement with CDPQ (the
“Concurrent Private Placement”, and collectively with the Offering,
the “Equity Offerings”) for aggregate gross proceeds to the
Corporation of $92,029,325, which included the full exercise of the
over-allotment option granted to the underwriters of the Offering
and the additional subscription option granted to CDPQ. Mr. Marcel
Bourassa, as well as his children Sébastien, Alexandre and
Marie-Pierre, all of whom are actively involved in Savaria, and his
brother Jean-Marie Bourassa, a director of Savaria, have
participated in the Offering by purchasing, collectively,
$3,499,981 worth of Common Shares, representing 3.8% of the Common
Shares issued pursuant to the Equity Offerings.
The Offering was completed by way of a short
form prospectus dated September 15, 2023 in all of the provinces of
Canada by a syndicate of underwriters led by National Bank
Financial Inc., co-led by Desjardins Securities Inc., Scotiabank
and TD Securities Inc., and which included Cormark Securities Inc.,
Raymond James Ltd., Stifel Nicolaus Canada Inc., iA Private Wealth
Inc. and PI Financial Corp.
The total gross proceeds from the Offering to
the Corporation were $63,264,950 and the total gross proceeds from
the Concurrent Private Placement to the Corporation were
$28,764,375.
The total net proceeds of the Equity Offerings
will be used to reduce indebtedness under the Corporation’s
existing revolving credit facility, thereby providing financial
flexibility to fund growth initiatives and for general corporate
purposes.
“We are very pleased with the success of this
equity financing, which will provide further flexibility to finance
Savaria’s growth in the years to come. On behalf of Savaria, I
would like to thank our investors for their continued support,”
stated Mr. Marcel Bourassa, Savaria’s President and Chief Executive
Officer.
No securities regulatory authority has
either approved or disapproved the contents of this press release.
The Common Shares issued under the Equity Offerings have not been,
and will not be, registered under the U.S. Securities Act of 1933
as amended (the “U.S. Securities Act”), or any state securities
laws. Accordingly, the Common Shares may not be offered or sold,
pledged or otherwise transferred within the United States or to
U.S. persons unless registered under the U.S. Securities Act and
applicable state securities laws or pursuant to exemptions from the
registration requirements of the U.S. Securities Act and applicable
state securities laws. This press release does not constitute an
offer to sell or the solicitation of an offer to buy securities in
the U.S., nor shall there be any sale of the Common Shares in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Savaria Corporation
Savaria Corporation (savaria.com) is a global
leader 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, ceiling lifts and elevators for home and
commercial use. It also manufactures and markets a comprehensive
selection of pressure management products for the medical market,
medical beds for the long-term care market, as well as an extensive
line of medical equipment and solutions for the safe handling of
patients. In addition, Savaria converts and adapts vehicles for
personal and commercial uses. Savaria operates a sales network of
dealers worldwide and direct sales offices in North America, Europe
(UK, Netherlands, Switzerland, Italy, Germany, Poland and Czech
Republic), Australia and China. Savaria employs approximately 2,250
people globally, and its plants are located across Canada, the
United States, Mexico, Europe and China.
About CDPQ
At CDPQ, we invest constructively to generate
sustainable returns over the long term. As a global investment
group managing funds for public pension and insurance plans, we
work alongside our partners to build enterprises that drive
performance and progress. We are active in the major financial
markets, private equity, infrastructure, real estate and private
debt. As at June 30, 2023, CDPQ’s net assets totalled CAD 424
billion. For more information, visit www.cdpq.com/en, consult our
LinkedIn or Instagram pages, or follow us on X.
CDPQ is a registered trademark owned by Caisse
de dépôt et placement du Québec and licensed for use by its
subsidiaries.
Cautionary Notice Regarding
Forward-Looking Statements
Certain information in this press release may
constitute “forward-looking statements” regarding Savaria,
including, but not limited to, the expected use of the net proceeds
of the Equity Offerings. Most frequently, but not invariably,
forward-looking statements are identified by the use of such terms
as “plan”, “expect”, “should”, “could”, “budget”, “expected”,
“estimated”, “forecast”, “intend”, “anticipate”, “believe”,
variants thereof (including negative variants) or statements that
certain events, results or shares “could”, “should” or “will” occur
or be achieved. Such statements involve known and unknown risks,
uncertainties and other factors liable to cause Savaria’s actual
results, performance or achievements to differ materially from
those set forth in or underlying the forward-looking statements.
Such factors notably include general, economic, competitive,
political and social uncertainties, the risks set forth under
“Risks and Uncertainties” in Savaria’s latest Annual MD&A as
well as other risks detailed from time to time in reports filed by
Savaria with securities regulators in Canada. Although Savaria has
attempted to identify the key elements liable to cause actual
measures, events or results to differ from those described in the
forward-looking statements, other factors could have an impact on
the reality and produce unexpected results. The forward-looking
statements contained herein are valid at the date of this press
release. Savaria undertakes no obligation to update forward-looking
statements if circumstances or management’s estimates or opinions
should change, except as required by law. As there can be no
assurance that these forward-looking statements will prove
accurate, actual future results and events could differ materially
from those anticipated therein. Accordingly, readers are strongly
advised not to unduly rely on these forward-looking statements.
For further information:
Marcel BourassaPresident and Chief Executive
Officer1-800-661-5112mbourassa@savaria.com |
Stephen Reitknecht, CPA Chief Financial
Officer1-800-661-5112sreitknecht@savaria.com |
www.savaria.com
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