Savaria Corporation, a Laval-based company specializing in accessibility products, announced Wednesday that it plans to acquire Handicare Group, a company with a similar profile based in Sweden, for approximately $ 450 million.
Savaria explained that it had filed an offer to purchase 50 SEK per share for a total of SEK 2.9 billion, or CAN $ 452.3 million.
The Board of Directors of Handicare, for its part, has indicated that it intends to recommend that shareholders accept the transaction. It seems in the pocket since the main shareholder of the Swedish firm, Cidron Liberty Systems – which holds 62.9% of the shares and votes – has already indicated that it will approve it.
The Caisse de dépôt et placement du Québec supported Savaria in concluding the transaction.
Once approved and completed, Savaria will have around 2,300 employees worldwide and will be able to access new markets, primarily in Europe.
“My vision has long been to build a business that would serve the global market. […] In our discussions with Handicare, it is clear that we share a common vision and mission. Their excellent range of staircase chairs, the sophistication of their manufacture and their presence in the market are an exceptional complement to our company, ”enthuses the President and CEO of Savaria, Marcel Bourassa.
Savaria is one of the world leaders in accessibility through its seats for stairs, lifting platforms and other residential and commercial elevators. It also manufactures medical products, including hospital beds.
Handicare, for its part, specializes in stair seats and people lifting devices.