Exchange Income Corporation (EIC), a diversified company specializing in aviation, aerospace, and manufacturing, announced its acquisition of DryAir Manufacturing Corp. for approximately $60 million. The transaction comprised $15 million in EIC common shares (25% of the purchase price) and $45 million in cash from EIC's credit facilities. DryAir, established in 1994, is known for its portable hydronic heating systems, offering efficient and reliable climate control solutions across North America. The company prides itself on its innovation, quality, and customer-focused product development. Seasonality affects DryAir's financial performance, with the third quarter being notably stronger.

EIC's CEO, Mike Pyle, highlighted the alignment in culture and values between EIC and DryAir, emphasizing the strategic fit and potential for growth within EIC's manufacturing segment. Claude Bourgault, DryAir's President and founder, and Myrlen Kleiboer, CEO and co-owner, expressed pride in their company's innovation and customer relationships, viewing the acquisition as a means to ensure long-term growth and continuity of their legacy.

The acquisition is seen as mutually beneficial, meeting EIC's criteria for growth and shareholder value enhancement. Legal counsel for the transaction was provided by MLT Aikins for EIC, while EY Orenda Corporate Finance Inc. and McDougall Gauley served as financial advisor and legal counsel, respectively, for DryAir.