Add-on Acquisition • Building Materials

Exchange Income Acquires Spartan Mat

On November 7, 2024, Exchange Income acquired building materials company Spartan Mat for 120M USD

Acquisition Context
  • This is Exchange Income’s 3rd transaction in the Building Materials sector.
  • This is Exchange Income’s 3rd largest (disclosed) transaction.
  • This is Exchange Income’s 6th transaction in the United States.
  • This is Exchange Income’s 3rd transaction in Florida.

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M&A Deal Summary

Date November 7, 2024
Target Spartan Mat
Sector Building Materials
Buyer(s) Exchange Income
Deal Type Add-on Acquisition
Deal Value 120M USD

Target Company

Spartan Mat

Rockledge, Florida, United States
Spartan Mat is a manufacturer and marketer of the system7tm and system7-xttm industrial composite access mat and the proprietary fods trackout control system, as well as a broker of wood and composite mats across the united states. Spartan Mat is based in Rockledge, Florida.
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Buyer Overview 1

Buyer

Exchange Income

Winnipeg, Manitoba, Canada

Category Company
Founded 2002
Sector Diversified
Employees4,340
Revenue 2.7B CAD (2024)
DESCRIPTION
Exchange Income Corporation's headquarters in Winnipeg, Manitoba.
Exchange Income Corporation's headquarters in Winnipeg, Manitoba.

Exchange Income is a diversified acquisition-oriented company, focused in three sectors: aviation services and equipment, metal manufacturing, and infrastructure services. Exchange Income was founded in 2002 and is based in Winnipeg, Manitoba.


Deal Context for Buyer #
Overall 19 of 20
Sector: Building Materials 3 of 3
Type: Add-on Acquisition 19 of 20
State: Florida 3 of 3
Country: United States 6 of 6
Year: 2024 2 of 2
Size (of disclosed) 3 of 16
PREVIOUS 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
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-24 Canadian North

Kanata, Ontario, Canada

Canadian North provides essential passenger and cargo services to 24 remote Canadian Arctic communities in Nunavut and the Northwest Territories, from its southern gateways in Ottawa and Edmonton. Canadian North was formed in 1946 and is headquartered in Kanata, Ontario.

Buy CA$205M