Exchange Income Acquires DryAir Manufacturing for USD 60m.
MANews-(C)2009-2023
Canada-based Exchange Income Corp. (TSX: EIF), an acquisition-oriented company focussed on opportunities in the aviation, aerospace and manufacturing segments, has acquired US-based portable hydronic heating systems provider DryAir Manufacturing Corp. for approximately USD 60 m, the company said.
The purchase price was funded by the issuance of 15 m of EIC common shares, equivalent to 25% of the purchase price, to the vendors and cash in the amount of 45 m from the Corp.'s credit facility.
DryAir, founded in 1994, has developed innovative portable hydronic heating systems that provide affordable and reliable climate control...
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