Friday 17 March 2023

Canada-based aerospace and aviation services-focussed acquisition company Exchange Income Corp. (TSX: EIF) (EIC) has agreed to acquire Ontario-based window and wall manufacturer BVGlazing Systems Ltd. for USD 95m, the company said.

The purchase price will be funded by the issuance of USD 23m of EIC common shares to the vendors and cash in the amount of USD72 m from the company's credit facility.

The transaction is expected to close in the second quarter of 2023, following receipt of regulatory approval under the Competition Act (Canada).

This combined capacity means more investment into the businesses, expansion into new markets, and new opportunities to evolve that the two companies could not have achieved individually.

National Bank Financial acted as financial advisor and MLT Aikins acted as legal counsel for EIC. KPMG Corporate Finance acted as financial advisor and Fogler Rubinoff acted as legal counsel to BVGlazing in connection with the transaction.

BVGlazing Systems is a manufacturer of unitised window wall, stick curtain wall, unitised curtain wall, and railing systems used in mid-rise and high-rise multi-residential mixed used developments.