Exchange Income completed the acquisition of DryAir Manufacturing for $60m.

Exchange Income, a diversified, acquisition-oriented company, completed the acquisition of DryAir Manufacturing, a manufacturer of climate control solutions, for $60m. “This acquisition hits all EIC’s acquisition requirements, including being accretive to our shareholders on a per share basis and exceeds our investment thresholds on a historical basis and especially on forward looking metrics. DryAir is a recognized leader in hydronic heating based on our discussions with its key customers throughout North America. DryAir has a culture embedded in innovative design and engineering which will allow it to continue to grow its product portfolio and financial performance into the future,” Adam Terwin, EIC Chief Corporate Development Officer.