Exchange Income (EIC) has concluded the purchase of Provincial Aerospace (PAL), a Canada-based aerospace and aviation firm.
The companies signed a deal for the transaction in November 2014.
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Newfoundland and Labrador-headquartered PAL operates 30 aircraft under its aerospace business, primarily comprising Dash 8s and Twin Otters. It generates revenues of $185m.
The company has three distinct businesses, Provincial Aerospace, Provincial Airlines and PAL Aviation Services.
Subject to customary post-closing adjustments, EIC has paid around $246m for the acquisition.
The company used its $234m credit facility and issued 523,188 of its common shares.
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By GlobalDataEIC was advised by CIBC World Markets, Aikins Law and Renaissance Strategic Advisors, while BMO Capital Markets and Dentons Canada and McInnis Cooper advised PAL on the transaction.
Provincial Aerospace offers intelligence, surveillance, reconnaissance and maritime patrol aircraft operations and systems.
Provincial Airlines provides scheduled charter and cargo services in Newfoundland and Labrador, Quebec, New Brunswick and Nova Scotia.
PAL Aviation Services has aircraft refuelling, ground handling and aircraft facilities. It operates fixed base locations in Halifax, Nova Scotia and St John’s, Newfoundland and Labrador.
