Sale to Savaria Corporation
Baird served as exclusive financial advisor and provided a fairness opinion to the Board of Directors of Span-America Medical Systems, Inc.
AboutSpan-America Medical Systems, Inc. (“Span-America” or the “Company”) (Nasdaq: SPAN) has been acquired by Savaria Corporation (“Savaria”) (TSX:SIS) following the successful completion of its previously announced tender offer to purchase all of the outstanding shares of common stock of Span-America at $29.00 per share in cash, or approximately $80.2 million in equity value. The tender offer price of $29.00 per share represents a premium of 33% to Span-America’s closing share price on April 28, 2017.
Span-America manufactures and markets a comprehensive selection of pressure management products for the medical market, including Geo-Matt®, PressureGuard®, Geo-Mattress®, Custom Care®, Span+Aids®, Isch-Dish®, Risk Manager® and Selan® products. Through its wholly-owned subsidiary Span Medical Products Canada Inc., the Company manufactures and markets the Encore®, Advantage and Rexx beds as well as related in-room furnishing products for the long-term care market. Span-America also supplies custom foam and packaging products to the consumer and industrial markets. Span-America is headquartered in Greenville, South Carolina.
Savaria provides accessibility solutions for the elderly and physically challenged to increase their mobility and independence. Savaria designs, manufactures, distributes and installs accessibility equipment, such as stair lifts for straight and curved stairs, vertical and inclined wheelchair lifts, elevators for home and commercial use, as well as patient lifts. In addition, it converts and adapts vehicles to be wheelchair accessible. It also operates a network of franchisees and corporate stores through which new and recycled accessibility equipment is sold and, in certain locations, vehicle conversions are performed. Savaria records close to 60% of its revenue outside Canada, primarily in the United States. It operates a sales network of some 400 retailers and affiliates in North America and employs some 500 people. Its principal places of business are located in Laval, Quebec, Brampton, Ontario, and Huizhou, China. Savaria is headquartered in Laval, Quebec.
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- June 2017
- Span-America Medical Systems, Inc.
- Target Location
- North America
- Acquiror Location
- North America