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Exchange Income Corporation Announces the Acquisition of Carson Air
Exchange Income Corporation Announces the Acquisition of Carson Air Canada News...
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[{"type":"text","content":"\n \n \n \n Exchange Income Corporation Announces the Acquisition of Carson Air\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Acquires Carson Air Ltd., the largest provider of fixed wing air ambulance services in B.C.\n \n \n \n \n \n WINNIPEG, MB\n \n ,\n \n July 5, 2021\n \n /CNW/ - Exchange Income Corporation (TSX: EIF) (\"EIC\" or the \"Corporation\") a diversified, acquisition-oriented company focused on opportunities in the aviation, aerospace and manufacturing sectors, announced today it has acquired Carson Air Ltd. (\"Carson Air\") headquartered in\n \n Kelowna, B.C.\n \n The purchase price of\n \n $61 million\n \n was funded by issuance of\n \n $3 million\n \n of EIC common shares to the vendor and cash in the amount of\n \n $58 million\n \n that was available from the Corporation's credit facility.\n \n \n EIC also announced it has entered into additional non-binding letters of intent to acquire three unrelated companies that will tuck-into and expand operations within its existing manufacturing and aviation segments. In aggregate, the four transactions have a combined purchase price of\n \n $114 million\n \n , funded with\n \n $102 million\n \n in cash and\n \n $12 million\n \n of EIC shares. This group of transactions would be accretive on a per share basis, even if funded on a pure equity basis, and would create strategic value for our existing operations. While due diligence is not yet complete and the transactions could be delayed or cancelled, the Corporation expects to close them over the next ninety days.\n \n \n Carson Air was established in 1990 and has a long history of being the primary provider of fixed wing air ambulance services in B.C. It has eight fixed wing aircraft providing contracted air ambulance services within B.C. from operating bases in\n \n Kelowna\n \n and\n \n Vancouver\n \n . In addition to air ambulance services, which is Carson Air's primary business, it provides dedicated cargo services in B.C. and\n \n Alberta\n \n and operates a flight school, S...