Savaria announced on March 1st that they acquired Florida Lifts for the purchase price of approximately 5.6 million US dollars. The current owners Doug Sabra and Kevin Mannes will continue their current leadership roles. Florida Lifts has been serving their market for more than 13 years and is located in Boynton Beach.
Florida Lifts has been one of Savaria's top dealers. They have over 900 maintenance contracts which has been historically comprised approximately 20-25% of its revenue.
“We are excited about this opportunity to acquire one of our top performing dealers and partner with their management team to grow our presence in Florida," said Marcel Bourassa, President and Chief Executive Officer of Savaria. "South Florida is an attractive market for high-end residential elevators, including for our Vuelift, and this transaction provides Savaria with the platform to become the dominant player in this key region. It is a pleasure to team up with Kevin and Doug, who are professional and very knowledgeable of this great State of Florida,” concluded Mr. Bourassa.
“Doug and I are extremely happy to join forces with Savaria and cement our long-standing relationship with an industry leader. We are looking forward to leading their expansion into the South Florida market, and together we will be in a stronger position to take advantage of the opportunities ahead,” said Kevin Mannes, Managing Partner of Florida Lifts.