International team assists National Bank of Canada in financing Savaria’s acquisition of Handicare, becoming one step closer to becoming a world-leading supplier in the assisted mobility market

Our Montreal, Houston, London, Melbourne, Brisbane and Amsterdam offices assisted National Bank of Canada, as underwriters, in the debt and equity financings connected to Savaria Corporation’s (“Savaria”) acquisition of Handicare Group AB (“Handicare”).

Savaria made an all-cash offering to acquire all issued and outstanding shares of Handicare for total proceeds of C$452.3m. The acquisition has been accepted by Handicare shareholders, corresponding to 95.2 percent of the total number of outstanding shares and votes in Handicare. Following a squeeze-out process, Handicare will become a wholly-owned subsidiary of Savaria.

The transaction was financed through a combination of Savaria’s credit facilities worth in total to C$450m and a C$160m equity private placements of subscription receipts. Concurrently, the Caisse de dépôt et placement du Québec (“CDPQ”) has purchased 4,000,000 subscription receipts, for gross proceeds to Savaria of C$60m.

Both Savaria and Handicare provide mobility equipment used to increase the physical abilities of individuals experiencing mobility issues. The purchase of Handicare provides complementary services to the already existing product offerings of Savaria as both companies share common goals and visons. Together, the companies are well-positioned to become a world-leading producer and supplier of mobility products for a growing market.