M&A Deal Summary

Exchange Income Acquires Carson Air

On July 5, 2021, Exchange Income acquired transportation company Carson Air from Wynnchurch Capital for 61M USD

Acquisition Highlights
  • This is Exchange Income’s 1st transaction in the Transportation sector.
  • This is Exchange Income’s 6th largest (disclosed) transaction.
  • This is Exchange Income’s 10th transaction in Canada.
  • This is Exchange Income’s 2nd transaction in British Columbia.

M&A Deal Summary
Date 2021-07-05
Target Carson Air
Sector Transportation
Buyer(s) Exchange Income
Sellers(s) Wynnchurch Capital
Deal Type Add-on Acquisition
Deal Value 61M USD

Target

Carson Air

Kelowna, British Columbia, Canada
Carson Air is a provider of fixed-wing air ambulance services. The company provides fixed-wing air ambulance services, air cargo services, and operates a flight school. Carson Air was founded in 1990 and is based in Kelowna, British Columbia.

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Buyer(S) 1

Buyer

Exchange Income

Winnipeg, Manitoba, Canada
Category Company
Founded 2002
Sector Diversified
Employees4,340
Revenue 2.5B CAD (2023)
DESCRIPTION

Exchange Income is a diversified acquisition-oriented company, focused in three sectors: aviation services and equipment, metal manufacturing, and infrastructure services. The Aviation segment consists of the operations by Perimeter Aviation, Keewatin Air, Calm Air International, Bearskin Lake Air Service, Custom Helicopters and Regional One. The Manufacturing segment consists of the operations by Jasper Tank, Overlanders Manufacturing, Water Blast Manufacturing, and Stainless Fabrication. The Infrastructure segment consists of the operation of WesTower Communications (Canada). Exchange Income was founded in 2002 and is based in Winnipeg, Canada.

DEAL STATS #
Overall 13 of 19
Sector (Transportation) 1 of 1
Type (Add-on Acquisition) 13 of 19
State (British Columbia) 2 of 2
Country (Canada) 10 of 13
Year (2021) 1 of 2
Size (of disclosed) 6 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-12 Provincial Aerospace

St. John's, Newfoundland, Canada

Provincial Aerospace Ltd. is a provider in intelligence, surveillance, reconnaissance and maritime patrol aircraft operations and systems and is a vertically integrated aerospace and defence company focused on mission systems design and integration, aircraft modifications, surveillance operations, logistics and in-service support.

Buy $246M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-16 Crew Training International

Memphis, Tennessee, United States

Crew Training International develops advanced training solutions for the US Department of Defense, government, and commercial training programs. The company specializes in pilot and sensor operator crew training on both manned and unmanned military aircraft for the US Department of Defense. Crew Training International was formed in 1992 and is based in Memphis, Tennessee.

Buy $45M

Seller(S) 1

SELLER

Wynnchurch Capital

Rosemont, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 9.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Wynnchurch Capital is a private equity firm focused on middle-market company investments in the US and Canada. Wynnchurch looks to commit $50 to $750 million of equity per platform. Sectors of interest include manufacturing, business services, logistics, energy and power services, and value-added distribution. Prospective transaction types include management buyouts, recapitalizations, corporate carve-outs, restructurings, turnarounds and growth capital situations. Wynnchurch Capital was formed in 1999 and is based in Rosemont, Illinois.

DEAL STATS #
Overall 24 of 33
Sector (Transportation) 2 of 2
Type (Add-on Acquisition) 9 of 12
State (British Columbia) 1 of 1
Country (Canada) 4 of 4
Year (2021) 2 of 5
Size (of disclosed) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-23 Pro-Fab

Saint-Apollinaire, Quebec, Canada

Pro-Fab is a manufacturer and distributor of high-quality modular homes in eastern Canada and the northeastern U.S. Pro-Fab has built a strong reputation and brand over the last 20 years and a leading market share in the modular home market in Quebec. Pro-Fab offers over 200 models and is fully integrated with a complete range of sales, design, manufacturing, and construction capabilities. The Company has a “direct distribution” model, selling directly to customers through its sales sites. Pro-Fab has strong brand recognition for superior quality and service and consistently surveys customers to ensure the highest quality. Pro-Fab is based in Saint-Apollinaire, Quebec.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-28 Trimlite

Renton, Washington, United States

Trimlite is a manufacturer of decorative glass inserts for steel door fabricators. Trimlite products include stile and rail doors, fiberglass doors, decorative glass, and other home building products. Trimlite was founded in 1982 and is based in Renton, Washington.

Buy -
Mergr

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