Updated: Aug 23, 2022
Savaria completes their purchase of Handicare which would make them a global leader in the Accessibility industry.
The acquisition enables Savaria to become a global leader in the accessibility industry, with approximately 2,300 employees across the world and an expanded presence in multiple international markets.
It represents a unique opportunity for Savaria to acquire a top stairlift manufacturer, producing over 45,000 stairlifts annually, bringing an innovative new product line to complement its elevator and wheelchair platform lift portfolio. It also give access to a dealerbase for the Savaria line of products that could be sold through a larger network.
The two companies have a highly complementary product offering, which will provide significant cross-selling opportunities for both the accessibility and patient handling segments across a combined network of over 1,000 dealers and 30 direct sales offices worldwide.
Savaria’s patient handling business can leverage Handicare’s extensive North American sales and installation network, especially in the acute care setting, which is highly complementary to Span-America’s long-term care focus.
Together, Savaria’s and Handicare’s patient handling will own a greater share of the market due to combined revenues of more than £79m and a full portfolio of safe patient handling solutions comprising lifts, slings, bed frames and pressure treatment surfaces.
The deal enhances Savaria’s footprint by 300,000 square feet through the addition of facilities in the US, Canada, the UK, the Netherlands, and China, representing total square footage of approximately 950,000 square feet of production related capacity. The pair will be able to gain efficiencies by leveraging best practices in technology and factory automation through shared resources and joint R&D initiatives, bolstered by a combined R&D staff of over 50 persons.
Annual savings from the full contribution of Handicare’s ‘Lift Up’ programme and the expected synergies from the acquisition are estimated at £10m and expected to be achieved within 24 months of transaction close. The full impact of the ‘Lift Up’ programme will be realised in 2021 and 50% of the synergies will be realised over the first 12 months.