Savaria Corporation Completes $92 million Equity Offerings of Common Shares

Not for dissemination in the United States or through any wire service in the United States

LAVAL, Québec, Sept. 22, 2023 (GLOBE NEWSWIRE) -- 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 ( 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, 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 Bourassa
President and Chief Executive Officer
Stephen Reitknecht, CPA
Chief Financial Officer