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Winnipeg Free Press - ONLINE EDITION

Winnipeg company buys Florida aircraft company for $80M

By: Martin Cash

Posted: 02/28/2013 11:23 AM | Comments: 0

Mike Pyle, President & CEO of Exchange Income Corporation (JOHN WOODS / POSTMEDIA NEWS ARCHIVES)

Exchange Income Corporation, the Winnipeg company that owns regional airlines and a handful of manufacturing companies around North America, has paid $80 million for a Florida company that sells used aircraft parts and whole planes including hard-to-find models.

Exchange’s CEO Mike Pyle said the acquisition of Regional One Inc. will immediately add to the company’s bottom line and will likely add further value by virtue of Exchange Income’s existing business in the aviation sector.

Exchange Income owns Calm Air International, Perimeter Aviation, Bearskin Lake Air Service and Keewatin Air.

About 25 per cent of the acquisition will be in company shares and the rest through its existing debt facility.

Regional One generated $31.6 million in revenue in 2011 and has a track record of about 20 per cent annual growth since it was formed in 2004.

Exchange Income just released its year end results posting revenue of $800.6 million up 57 per cent largely because of the contributions of WesTower Communications, a manufacturer, constructor and servicer of cell phone towers. Company-wide EBITDA was up 26 per cent to $94.5 million and profits were up 22 per cent to $25.3 million.

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