Exchange Income Corp. buys DryAir Manufacturing for $60 million in cash and shares

WINNIPEG – Exchange Income Corp. says it has acquired DryAir Manufacturing Corp. for $60 million in cash and shares.

Under the deal, EIC paid $15 million in shares and $45 million in cash.

Founded in 1994, DryAir manufactures heating systems to a variety of industries in North America.

The company’s head office and manufacturing facilities are in St. Brieux, Sask.

EIC chief executive Mike Pyle says DryAir has a strong management team, company culture, industry reputation and growing cash flows.

EIC is a diversified company, focused on the aerospace and aviation and manufacturing sectors.

This report by The Canadian Press was first published Oct. 5, 2023.

Companies in this story: (TSX:EIF)