LAVAL—Savaria Corp., a Canadian manufacturer that build stairlifts and elevators for homes and workplaces, is expanding its lineup with the acquisition of Eaton, Colorado-based Visilift LLC.
The accessibility firm said Aug. 24 it will buy the U.S. company for US$5 million (approximately CAD$6.3 million).
“We are constantly in search of new and innovative products that complement and enhance our existing portfolio,” Marcel Bourassa, the company’s chairman, president and CEO, said in a statement. “Therefore, it brings me great pleasure to announce the acquisition of Visilift’s cutting-edge glass elevator technology.”
Visilift was founded in 2007 and builds octagonal panoramic glass elevators for the residential market. Savaria said it expects the business to generate US$3 million in sales next year and $10 million in sales in 2019.
$3.5 million of the purchase price will be payable immediately, while Savaria said the remaining $1.5 million will be transferred when certain closing conditions are met.
It plans to shift Visilift’s production to its manufacturing facility in Brampton, Ont. following the acquisition.