Exchange Income Corporation (EIC), a diversified, acquisition-oriented company focused on opportunities in the aviation, has announced the acquisition of two additional companies, one of which is the largest acquisition in the company’s history.

On May 10, EIC acquired Northern Mat & Bridge, headquartered in Calgary, AB, for $325 million. The acquisition was funded by the issuance of $35 million of EIC common shares to the vendors and $290 million from the corporation’s credit facility. Northern Mat is Canada’s premier provider of safe, cost-effective, and environmentally responsible temporary access solutions for the power transmission and distribution; pipeline; oil and gas; emergency response; renewable energy; forestry; mining, and general construction industries. It is also the largest supplier of access mats and temporary bridges in Canada, with operations from across Canada.

EIC also acquired Advanced Paramedic Ltd. (APL), headquartered in Peace River, AB. The purchase price of $15 million was funded by the issuance of $2 million of EIC common shares to the vendors and $13 million from the corporation’s credit facility. APL provides a range of emergency medical services, including air and ground ambulance services primary care, community care, industrial ambulance, special event medics and non-emergent medical transfers, to remote communities, government agencies, and industrial clients across northern Alberta. APL is the largest air ambulance medical crew provider in Alberta and further expands EIC’s leading air ambulance presence across Canada.

“Closing two accretive and strategic acquisitions early in the year, including the largest in the Corporation’s history, is extremely exciting,” said Adam Terwin, CCDO of EIC. “The purchase multiples are in line with our historical acquisition multiples, which based on the $340 million total transaction value will result in double digit percentage accretion to our Adjusted Net Earnings on a per share basis and a reduction in our payout ratio.”