Savaria Announces the Acquisition of the Dumbwaiter and Material Lift Assets of D.A. Matot, Inc.

LAVAL, Quebec, April 08, 2024 (GLOBE NEWSWIRE) -- Savaria Corporation ("Savaria") (TSX: SIS) a global leader in the accessibility industry, today announced it has acquired all the dumbwaiter and material lift assets of D.A. Matot, Inc. ("Matot").

Founded in 1888, Matot has functioned as a family-owned business over the past 130 years, becoming a leading North American supplier of lifts used for the movement of goods in commercial and industrial applications. Dumbwaiters and material lifts are used in a wide range of activities, including within hospital and healthcare facilities, the hospitality sector, and a variety of retail and industrial settings. Matot's customer base includes current Savaria dealers as well as large passenger elevator companies. In 2023, Matot's dumbwaiter and material lift business generated US $6.3 million (C $8.6 million) in revenue with US $1.1 million (C $1.5 million) in EBITDA.

"The quality and strong reputation of Matot are well known in our industry. This unique opportunity to add their portfolio of products to our current offering will continue to strengthen our position as a market leader. Furthermore, this acquisition is in line with our strategy of offering the best and widest product portfolio to our dealer network and direct stores. Dumbwaiters and material lifts are used by so many different types of customers to move goods safely and efficiently, and we will be proud to sell the Matot line to both existing and new clients," said Alex Bourassa, President North America Accessibility.

"After five generations of our family's involvement in the dumbwaiter business, we consider Savaria to be ideal partners to carry on our family's commitment to quality and customer service. Our decision to transition our family business to a focus on Industrial Dampers was not easy, but handing off our legacy to Savaria gives us great confidence that Matot will thrive under its new ownership, ensuring continued quality and growth for our valued customers and stakeholders," said Anne and Cece Matot.

To ensure a seamless transition for customers, Matot will continue to manufacture products on behalf of Savaria during an interim period as manufacturing activities are progressively transferred to Savaria's Brampton facility. The Kelair dampers business is not part of this transaction and remains with the Matot family.

About Savaria Corporation

Savaria Corporation (savaria.com) is a global leader in the accessibility industry. It provides accessibility solutions for the physically challenged to increase their comfort, their mobility and their 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, including ceiling lifts and slings. The Corporation operates a sales network of dealers worldwide and direct sales offices in North America, Europe (UK, The Netherlands, Switzerland, Italy, Germany, Poland and Czech Republic), Australia and China. Savaria employs approximately 2,450 people globally and its plants are located across Canada, the United States, Mexico, Europe and China.

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