Mr. Marcel Bourassa reports

SAVARIA CORPORATION ANNOUNCES $55 MILLION PUBLIC EQUITY OFFERING AND $25 MILLION CONCURRENT PRIVATE PLACEMENT FROM CDPQ

Savaria Corp. will issue and sell common shares pursuant to a public offering and a concurrent private placement for aggregate gross proceeds to the corporation of approximately $80,025,500.

Under the offering, Savaria has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. (the bookrunner) and co-led by Desjardins Securities Inc., Scotiabank and TD Securities Inc. under which the underwriters have agreed to purchase, on a bought deal basis, 3,794,000 common shares from treasury at a purchase price of $14.50 per common share, for gross proceeds to the corporation of approximately $55,013,000. Savaria has granted to the underwriters an overallotment option, exercisable in whole or in part on the same terms as the offering, to purchase up to an additional 569,100 common shares at the issue price exercisable at any time before the expiry of 30 days following the closing of the offering, which, if exercised, would result in additional gross proceeds of up to $8,251,950.

Under the concurrent private placement, Savaria has entered into an agreement with CDPQ, under which it will issue and sell 1,725,000 common shares at the issue price for gross proceeds to the corporation of approximately $25,012,500. Should the overallotment option be exercised, in whole or in part, by the underwriters, CDPQ has the option to purchase additional common shares under the concurrent private placement in the same proportion to the common shares that are purchased by the underwriters pursuant to the overallotment option, which, if exercised, would result in additional gross proceeds of up to $3,751,875. The common shares issued pursuant to the concurrent private placement will be subject to a statutory hold period of four months from the date of their issuance, in accordance with Canadian securities regulations.

The common shares issued pursuant to the offering will be offered in all provinces of Canada pursuant to a short form prospectus to be filed by Savaria. The common shares issued pursuant to the offering will also be offered in the United States by way of private placement to qualified institutional buyers in reliance upon the exemption from registration provided by Rule 144A under the U.S. Securities Act of 1933, or pursuant to other applicable registration exemptions.

The total net proceeds of the equity offerings will be used to reduce indebtedness under the corporation's existing revolving credit facility, thereby providing financial flexibility to finance growth initiatives and for general corporate purposes.

"The equity offerings will provide Savaria with added flexibility to pursue the corporation's future growth objectives while maintaining a strong balance sheet," said Marcel Bourassa, president and chief executive officer of Savaria.

"With this additional investment, CDPQ is renewing its support for the company to facilitate its expansion and long-term projects," said Kim Thomassin, executive vice-president and head of Quebec at CDPQ.

Mr. Bourassa, as well as his children Sebastien, Alexandre and Marie-Pierre, all of whom are actively involved in Savaria, and his brother Jean-Marie Bourassa, a director of Savaria, have each committed to participate in the offering by purchasing, collectively, $3,509,000 worth of common shares, representing 4.4 per cent of the common shares to be issued pursuant to the equity offerings without giving effect to the exercise of the overallotment option or the additional subscription option.

The issuance of the common shares pursuant to the equity offerings is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and any applicable securities regulatory authorities. Closing of the offering and the concurrent private placement is expected to occur concurrently on or about Sept. 22, 2023. The offering and the concurrent private placement are conditional upon each other.

About Savaria Corp.

Savaria 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 ceiling 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 for personal and commercial uses. Savaria operates a sales network of dealers worldwide and direct sales offices in North America, Europe (the United Kingdom, Netherlands, Switzerland, Italy, Germany, Poland and Czech Republic), Australia and China. Savaria employs approximately 2,250 people globally and its plants are located across Canada, the United States, Mexico, Europe and China.

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