Savaria Corporation (TSX:SIS) ('Savaria' or the 'Company'), a global leader in the accessibility industry, is pleased to announce that it has made a recommended cash offer to acquire all the issued and outstanding shares of Handicare Group AB (STO:HANDI) ('Handicare') for SEK50.00 per share (the 'Offer'), representing a total consideration to Handicare shareholders of SEK2.9 billion (CAD452.3 million) and a total enterprise value (including leases) of SEK3.4 billion (CAD521.1 million).

The price of the Offer is final and will not be increased. The terms and conditions of the Offer, which are directed only to shareholders in permitted jurisdictions, have been announced in a separate press release. The board of Handicare has confirmed to Savaria that it has unanimously decided to recommend that Handicare's shareholders accept the Offer. The recommendation is supported by an opinion from PWC Sverige according to which the Offer is fair to Handicare's shareholders from a financial point of view. The largest shareholder of Handicare, Cidron Liberty Systems S.a r.l.(1), holding 62.9% of the shares and votes in Handicare, has informed Savaria that it supports the Offer and that it intends to accept the Offer. Nordic Capital Fund VII will enter into an undertaking to that effect once Handicare has announced its year-end report 2020 on February 4th, 2021, in light of the currently applicable restrictions under the EU Market Abuse Regulation. Furthermore, Nordic Capital Fund VII has undertaken towards Savaria not to sell its shares in Handicare without Savaria's prior approval. The undertaking to not sell its shares applies until May 31st, 2021 and will terminate upon the entering into of an irrevocable undertaking to accept the Offer. If successful, the Offer is expected to be completed before the end of April 2021. Handicare provides mobility solutions to increase the independence of physically challenged or elderly people. The company manufactures and sells curved and straight stairlifts, transfer, lifting and repositioning aids, and vehicle accessibility products. Handicare is a global company with sales in approximately 40 countries and has primary manufacturing locations in the United Kingdom, the Netherlands, the United States, and China. For the fiscal year ended December 31, 2020, Handicare reported preliminary sales of EUR205 million (CAD317 million) and adjusted EBITDA(2) of EUR24 million (CAD37 million). The successful completion in 2020 of the structural cost reduction initiatives as part of Handicare's 'Lift Up' program contributed to the overall improvement in profitability. 'It has long been my vision to build a company that would serve a global market. People throughout the world are aging and in need of equipment that gives them independence and ways to stay in their homes longer. In our discussions with Handicare, it is clear we have a shared vision and mission. Their strong stairlift portfolio, sophistication of manufacturing and market reach provides an exceptional complement to our business.

I look forward to welcoming the employees of Handicare and their divisions which have sister segments in Savaria; patient handling and Span, Savaria/Garaventa Lift with Handicare stairlifts and our automotive group with Handicare's adapted vehicles. We will have greater strength together and Stay at Home with Savaria will include Handicare products, our worldwide theme, assuming completion of the acquisition. Together, we will be well-positioned to become a world-leading company to answer the needs of this growing market. I thank our employees for their dedication to Savaria, particularly through the challenges of COVID-19 and I also wish to thank our Board of Directors and our team of advisors. Welcome Caisse de depot et placement du Quebec (CDPQ) as a major shareholder of Savaria - I see the potential for a long-term relationship with this flagship investor.', commented Marcel Bourassa, President and Chief Executive Officer of Savaria. 'We are delighted to support the international expansion strategy of Savaria, a Quebec manufacturer that has recorded significant growth over the years. With the acquisition announced today, the company will join the ranks of global leaders in its industry, with significant market share in North America and Europe and a wide range of products,' said Kim Thomassin, Executive Vice-President and Head of Investments in Quebec and Stewardship Investing at CDPQ

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. The Company 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 (Quebec), 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 and its expected impact on the Company, the Equity Private Placements and the receipt of regulatory approvals. It is important to know that the forward-looking statements in this document describe the Company'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 Company'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 Company 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 Company's business. For example, they do not include the effect of sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset writedowns 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.

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