Laval, Québec, Canada, October 1st, 2019 – Savaria Corporation (“Savaria”) (TSX: SIS), one of the global leaders in the accessibility industry, announces today that it has concluded, through its subsidiary Garaventa (Canada) Ltd., a sale and leaseback transaction relating to its manufacturing plant located in Surrey, British Columbia, which was sold for a gross selling price of $29 million. The agreement provides Savaria with a long-term lease for the next 25 years.
A word from the President
“This transaction will provide Savaria with additional flexibility to strengthen its core accessibility business, support organic growth strategies and pursue acquisition opportunities,” declared Marcel Bourassa, President and Chief Executive Officer of Savaria.
“This redeployment of capital follows our strategic intent and the 25 year lease proves the long-term commitment to the market” said Vince Sciamanna, President of the Garaventa Lift Group.
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 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 to be wheelchair accessible. The Corporation operates a sales network of dealers worldwide and direct sales offices in North America, Europe (Switzerland, Germany, Italy, Czech Republic and Poland), United Kingdom, Australia and China. Savaria employs approximately 1,500 people globally and its plants are located across Canada in Laval and Magog (Québec), Brampton, Beamsville and Toronto (Ontario) and Surrey (British Columbia), in the United States at Greenville (South Carolina), in Huizhou (China), in Milan (Italy) and in Newton Abbot (UK).