Savaria Enters into an Irrevocable Undertaking with Nordic Capital Relating to its 62.9% Ownership Stake in Handicare
February 04 2021 - 5:30AM
Savaria Corporation (TSX:SIS) (“Savaria” or the “Corporation”), a
global leader in the accessibility industry, is pleased to announce
that further to its press release of January 27, 2021, it has
entered, through a wholly-owned subsidiary Savaria (Sweden) AB,
into an agreement (the “Irrevocable Undertaking”) with Cidron
Liberty Systems S.à r.l.1 (“Nordic Capital”), the largest
shareholder of Handicare Group AB (“Handicare”) controlling 62.9%
of Handicare’s shares, whereby Nordic Capital has undertaken to
accept Savaria’s previously announced offer to acquire all the
issued and outstanding shares of Handicare for SEK50.00 per share
(the “Offer”).
The Irrevocable Undertaking relates to Nordic
Capital’s entire holding of Handicare shares and is only
conditional upon the Offer being completed no later than May 7,
2021 and Savaria complying with Nasdaq Stockholm’s takeover rules
or other laws and regulations applicable to the Offer.
1 Cidron Liberty Systems S.à r.l. is an entity
ultimately controlled by Nordic Capital VII Limited, acting in its
capacity as general partner to Nordic Capital VII Alpha, L.P. and
Nordic Capital VII Beta, L.P. together with associated investment
vehicles.
ABOUT SAVARIA CORPORATION
Savaria Corporation is one of the global leaders
in the accessibility industry. It provides accessibility solutions
for the physically challenged to increase their comfort, mobility,
and 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. Savaria operates a
sales network of dealers worldwide and direct sales offices in
North America, Europe (Switzerland, Germany, Italy, Czech Republic,
Poland, and United Kingdom), Australia, and China. Savaria employs
approximately 1,400 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 (United Kingdom).
FORWARD-LOOKING STATEMENTS
This press release includes certain statements
that are “forward-looking statements” within the meaning of the
securities laws of Canada. Any statement in this press release that
is not a statement of historical fact may be deemed to be a
forward-looking statement. When used in this press release, the
words “believe”, “could”, “should”, “intend”, “expect”, “estimate”,
“assume” and other similar expressions are generally intended to
identify forward-looking statements. Forward-looking statements
also include, but are not limited to, the statements regarding the
Offer. It is important to know that the forward-looking statements
in this document describe the Corporation’s expectations as at the
date hereof, which are not guarantees of future performance of
Savaria or its industry and involve known and unknown risks and
uncertainties that may cause Savaria’s or the industry’s outlook,
actual results, or performance to be materially different from any
future results or performance expressed or implied by such
statements. The Corporation’s actual results could be materially
different from its expectations if known or unknown risks affect
its business, or if its estimates or assumptions turn out to be
inaccurate. A change affecting an assumption can also have an
impact on other interrelated assumptions, which could increase or
diminish the effect of the change. As a result, the Corporation
cannot guarantee that any forward-looking statement will
materialize and, accordingly, the reader is cautioned not to place
undue reliance on these forward-looking statements. Forward-looking
statements do not take into account the effect that transactions or
special items announced or occurring after the statements are made
may have on the Corporation’s business. For example, they do not
include the effect of sales of assets, monetizations, mergers,
acquisitions, other business combinations or transactions, asset
write-downs or other charges announced or occurring after
forward-looking statements are made.
Unless otherwise required by applicable
securities laws, Savaria disclaims any intention or obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise. The
foregoing risks and uncertainties include 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.
FOR ADDITIONAL INFORMATION, PLEASE
CONTACT:
Marcel BourassaPresident and Chief Executive
OfficerSavaria Corporationmbourassa@savaria.comPhone: 1 (800)
661-5112
Stephen Reitknecht, CPAChief Financial
OfficerSavaria Corporationsreitknecht@savaria.com Phone: 1 (800)
661-5112
Nicolas RimbertVice President, Corporate
DevelopmentSavaria Corporationnrimbert@savaria.comPhone: 1 (450)
254-0115
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