Exchange Income Corp. buying B.C. air ambulance company Carson Air
July 5, 2021 By The Canadian Press
WINNIPEG — Exchange Income Corp. says it has signed a deal to buy Carson Air Ltd. for $61 million in stock and cash.
Under the deal for the Kelowna, B.C., based provider of fixed wing air ambulance services, EIC will issue pay $3 million in shares and $58 million in cash.
Carson Air has eight aircraft providing air ambulance services in B.C. from operating bases in Kelowna and Vancouver.
The company also provides cargo services in B.C. and Alberta and operates a flight school.
EIC also said it has signed deals to buy three unrelated companies that it says will tuck-into and expand operations within its existing manufacturing and aviation businesses.
The four transactions have a combined purchase price of $114 million, including $102 million in cash and $12 million in shares.