Exchange Income Corporation acquired Northern Mat & Bridge LP from TriWest Capital Partners for approximately CAD 330 million.
May 09, 2022
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Exchange Income Corporation (TSX:EIF) acquired Northern Mat & Bridge LP from TriWest Capital Partners for approximately CAD 330 million on May 10, 2022. The purchase price of CAD 325 million was funded by the issuance of CAD 35 million of EIC common shares to the vendors and cash in the amount of CAD 290 million that was available from the corporation's credit facility. The shareholders who are active management received the vast majority of the EIC common shares. Corporation issued 863,256 Common Shares to certain unitholders of Northern Mat. In a related transaction, Exchange Income Corporation also acquired Advanced Paramedic Ltd. for CAD 15 million. Key members of the team have entered into long term contracts with common shares escrowed to their management contracts. Exchange Income expects that the Northern Mat acquisition will be accretive by over 10% to both Adjusted Net Earnings per share and Free Cash Flow less Maintenance Capital Expenditures per share. National Bank Inc. acted as financial advisor and MLT Aikins LLP acted as legal counsel to EIC. CIBC Capital Markets acted as TriWest's lead financial adviser and Goldman Sachs acted as co-financial adviser. Legal advice was provided by Burnet, Duckworth & Palmer LLP and tax services were provided by Ernst & Young.
Exchange Income Corporation (TSX:EIF) completed the acquisition from TriWest Capital Partners of Northern Mat & Bridge LP on May 10, 2022.
Exchange Income Corporation is a Canada-based diversified acquisition-oriented company. The Company operates through two segments: Aerospace & Aviation and Manufacturing. The Aerospace & Aviation segment is comprised of three lines of business: Essential Air Services, Aerospace, and Aircraft Sales & Leasing. Essential Air Services includes both fixed wing and rotary wing operations. Aerospace includes its vertically integrated aerospace offerings that provide customized and integrated special mission aircraft solutions primarily to governments across the globe. Aircraft Sales & Leasing includes aftermarket aircraft, engine and parts sales and aircraft and engine leasing, along with aircraft management services. The Manufacturing segment is comprised of three lines of business: Environmental Access Solutions, Multi-Storey Window Solutions and Precision Manufacturing & Engineering. The Company also focuses on portable hydronic (glycol-based) climate-controlled equipment.