Winnipeg-based Exchange Income Corporation (EIC) has completed its largest acquisition to date after agreeing to purchase Northern Mat & Bridge (Northern Mat) for $325 million.
Based in Calgary, Northern Mat is the largest supplier of access mats and temporary bridges in Canada, specializing in temporary access solutions for the energy, power transmission and distribution, forestry, mining and general construction industries, among others. EIC is an acquisition company focused on manufacturing and aerospace and aviation services and equipment.
Sustainability is core to Northern Mat’s business model. The company’s mats and bridges offer an environmentally friendly alternative to the construction of gravel roads and waterway diversions. All of Northern Mat’s wood is sourced from certified sustainable vendors.
Similar to EIC, Northern Mat has established partnerships with numerous Indigenous communities across Canada and has developed an Indigenous Relations Policy to understand land use concerns and minimize impacts to sensitive areas.
“The purchase price of Northern Mat meets our strategic and financial criteria while marking the first acquisition in EIC’s strategy to acquire companies with a focus on assisting others in areas of environmental sustainability,” EIC CEO Mike Pyle said in a release.
The transaction will see EIC issue $35 million in common shares to Northern Mat employees and pay the remaining $290 million in cash. Darren Francis, president and CEO of Northern Mat, said he was excited to join EIC’s family of companies.
“It is important to us that the relationships we have with our employees, customers and other stakeholders are not going to change and will, in fact, become even stronger,” Francis said in a statement. “EIC’s culture and the way it works with its Indigenous partners is also a perfect complement to our own. I am very excited for what the future holds.”
EIC announced the acquisition the same day it released its results for the first quarter, which saw the company earn a Q1 record of $400 million in revenue. EIC also closed another acquisition in the quarter, agreeing to purchase emergency medical service provider Advanced Paramedic Ltd for $15 million.
MLT Aikins was pleased to act as counsel to EIC on this landmark transaction. The lawyers who worked on this deal include David Filmon, Jordan Riese, Paul Tascona, Doug Stewart, Richmond Bayes, Nigel Thompson, Shandra Czarnecki, Reis Pagtakhan, Nicolas Doyle, Danielle Graff, Michael Clark, Scott Davidson, Davis Hirsch, Aaron Marchadour, Marek Coutu, Shane Buchanan, Graham Christie, Dany Théberge and Sheldon McDonald.
We take pride in acting for a company that prioritizes environmental stewardship and Indigenous engagement, and look forward to seeing what EIC accomplishes next. Learn more about our M&A team.