Winnipeg, Canada – Exchange Income Corp. (EIC), a diversified, acquisition-oriented company, has completed its acquisition of Provincial Aerospace Ltd. (PAL), a diversified Canadian-based aerospace and aviation company, for a combination of cash and stock totaling approximately $246 million. The acquisition was first announced Nov. 12, 2014.
PAL, headquartered in St. John's, Newfoundland and Labrador, Canada, operates three distinct businesses across the aerospace, airline, and aviation services sectors:
- Provincial Aerospace is a global leader in intelligence, surveillance, reconnaissance and maritime patrol aircraft operations and systems. As a vertically integrated aerospace and defense business, Provincial Aerospace designs, modifies, maintains, and operates custom sensor-equipped maritime patrol aircraft in Canada, the Caribbean, and the Middle East.
- Provincial Airlines is an independent airline that has been operating for more than 40 years in Eastern Canada providing scheduled, charter, and cargo services. Provincial Airlines operates 210 weekly scheduled and charter flights in Newfoundland and Labrador, Quebec, New Brunswick, and Nova Scotia. In addition, Provincial Airlines operates Innu Mikun Airlines, a partnership with the Innu First Nations of Labrador, which services the coastal communities of Labrador.
- PAL Aviation Services operates fixed base operations at two locations, Halifax, NS and St. John's, NL. Additional services include aircraft refueling, ground handling, and aircraft facilities.
PAL operates a total of 30 aircraft across its divisions with the aerospace business operating a variety of aircraft types for its customers and the airline fleet, primarily comprised of Dash 8s and Twin Otters.
The company has annual revenues of approximately $185 million.
Source: Exchange Income Corp.
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