Exchange Income Corporation (EIC), a diversified company focusing on aviation, aerospace, and manufacturing, announced the acquisition of Hansen Industries Ltd. for $42.5 million. Hansen, based in Richmond, B.C., specializes in custom fabrication of precision metal components and assemblies, boasting over 30 CNC equipped machines across two main divisions: sheet metal and machining. The purchase was financed through $4.5 million in EIC common shares and $38 million in cash from EIC’s credit facilities.

Hansen is celebrated for its quality and punctuality, serving mainly western Canadian customers. EIC's CEO, Mike Pyle, highlighted the acquisition's alignment with EIC’s strategy to grow its west coast metal fabrication operations and praised Hansen's market leadership, management quality, company culture, and operational excellence. Ed Beange, Hansen’s majority owner, and Amit Chhabra, the president and minority owner, expressed pride in Hansen’s achievements and confidence in EIC's compatibility with Hansen’s future, emphasizing a smooth ownership transition and the continued delivery of quality services.

Adam Terwin, EIC's CCDO, remarked on the strategic and accretive nature of the acquisition to shareholders. The transaction, alongside the BVGlazing acquisition, marks a strategic expansion, with a total transaction value of $138 million expected to enhance EIC’s Adjusted Net Earnings per share and reduce payout ratios.

Legal advisors for the transaction included MLT Aikins for EIC, with Capital West Partners serving as financial advisor and Stikeman Elliott as legal counsel to Hansen.