On Mar. 4, 2021, Savaria Corporation, a global company in the accessibility industry, successfully completed its SEK2.9-billion (approximately $452-million) cash offer to acquire all the issued and outstanding shares of Handicare Group AB for SEK50 per share. Savaria raised a total of approximately $191 million in equity through a combination of a “bought deal” private placement of subscription receipts through a syndicate of underwriters led by National Bank Financial Inc., Desjardins Capital Markets, Scotiabank and TD Securities Inc. (Underwriters) and a concurrent non-brokered private placement of subscription receipts with the Caisse de dépôt et placement du Québec.
Savaria also entered into a new senior secured $450-million credit facility with a syndicate of lenders led by National Bank of Canada (Lenders).
Sylvain Aubry, chief legal officer and corporate secretary, and Francis D'amour Montminy, legal counsel, represented Savaria.
Blake, Cassels & Graydon LLP also represented Savaria in connection with its Canadian financing, with a team that included
Pascal de Guise,
Sarah Chahine (corporate/securities),
Marc Godber (financial services).
Norton Rose Fulbright Canada LLP represented both the Underwriters and the Lenders. The team assisting the Underwriters included
Kiri Buchanan (corporate/securities),
and the team assisting the Lenders included
Josh White (financial services).
Lavery, de Billy, L.L.P. represented CDP Investissements Inc., with a team that included
Frédéric Boivin Couillard (corporate/securities).
Hannes Snellman represented Savaria as its Swedish counsel, with a team that included
Mattias Friberg (corporate/securities).