M&A Deal Summary

Exchange Income Acquires DryAir

On October 5, 2023, Exchange Income acquired machinery company DryAir for 60M USD

Acquisition Highlights
  • This is Exchange Income’s 3rd transaction in the Machinery sector.
  • This is Exchange Income’s 7th largest (disclosed) transaction.
  • This is Exchange Income’s 12th transaction in Canada.
  • This is Exchange Income’s 1st transaction in Saskatchewan.

M&A Deal Summary
Date 2023-10-05
Target DryAir
Sector Machinery
Buyer(s) Exchange Income
Deal Type Add-on Acquisition
Deal Value 60M USD

Target

DryAir

St. Brieux, Saskatchewan, Canada
DryAir is a manufacturer of portable hydronic (glycol-based) climate-controlled equipment. DryAir's head office and manufacturing facilities are in St. Brieux, Saskatchewan.

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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 17 of 19
Sector (Machinery) 3 of 3
Type (Add-on Acquisition) 17 of 19
State (Saskatchewan) 1 of 1
Country (Canada) 12 of 13
Year (2023) 2 of 2
Size (of disclosed) 7 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-16 BVGlazing Systems

New York, New York, United States

BVGlazing Systems is a manufacturer of unitized window wall, stick curtain wall, unitized curtain wall, and railing systems used in mid-rise and high-rise multi-residential mixed used developments. These products are manufactured in its facilities in Concord and Niagara Falls, ON and installed onsite in many major North American urban markets. BVGlazing Systems was founded in 1958 and is based in New York City.

Buy $95M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-24 Duhamel

St-Ignace-de-Stanbridge, Quebec, Canada

Duhamel owns and operates a sawmill operation that manufactures products for customers in Quebec, Ontario, and Atlantic Canada. It primarily focuses on the manufacturing and sale of eastern hemlock products. The company operates on approximately 40 acres of owned land includes its lumber yard and sawmill. Duhamel was formed in 1965 and is based in St-Ignace-de-Stanbridge, Quebec.

Buy $19M
Mergr

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