LAVAL. Que.—A Canadian manufacturer of stairlifts and elevators is expanding into the Australian market with the acquisition of a home elevator company based in Brisbane with operations across the country.
Savaria Corp. said it will pay $3.1 million upfront for Master Lifts Australia Pty Ltd. and up to $1 million more based on certain performance metrics over the next two years.
“Australia represents an attractive market for Savaria with its favourable demographics, strong economic growth and proximity to our plant in China,” Marcel Bourassa, the company’s president and CEO, said in a statement.
Founded in 1996, Master Lifts has a national sales network with 10 offices across Australia. It also has manufacturing operations and installs and services its lifts.
Currently, Savaria’s business is largely restricted to North America. It made a larger move into the U.S. market earlier this year by purchasing medical products firm Span-America Medical Systems Inc. for $109.5 million.
Adding Australia to its list of markets, Savaria said it could use a similar expansion strategy in other countries in the future.