TORONTO: Exchange Income Corporation (TSX: EIF), a diversified acquisition-focused company with operations in Aerospace & Aviation and Manufacturing, has announced a definitive agreement to acquire TerraPro Inc., a fully integrated access-matting platform based in Sherwood Park, Alberta.
The transaction, valued at $30 million, is structured as a plan of arrangement and is expected to close early in the fourth quarter, pending shareholder and court approvals.
The purchase price will be settled through a combination of up to $4 million in EIC common shares issued to TerraPro shareholders, with the remaining balance drawn from the Corporation’s existing credit facility. Notably, the $30 million price is net of the Sherwood Park property, which EIC will acquire and subsequently sell, with the proceeds distributed to TerraPro’s shareholders.
The acquisition aligns with EIC’s strategy to opportunistically expand its Environmental Access Solutions business, particularly as the Canadian matting market enters a projected growth cycle. TerraPro, which operates across Western Canada, brings internal mat manufacturing capabilities, a substantial matting fleet, and specialized equipment to the table. The company will be integrated into EIC’s existing Canadian operations, enhancing its capacity to serve clients nationwide.
“We are starting to see heightened interest and investment in long linear projects throughout Canada,” said Mike Pyle, CEO of EIC. “In the latter half of 2026, and the years to follow, we expect to see substantial need for access matting solutions. The addition of TerraPro will not only boost our Canadian matting fleet, it will further strengthen our team and ability to serve clients across the country.”
Colin Schmidt, President & CEO of TerraPro, expressed optimism about the partnership, stating, “Over the last two decades, our team at TerraPro has done an exceptional job growing our business and serving our clients. As we enter our next phase of growth, we are excited to continue to build alongside the team under EIC’s ownership. Access to their industry leading network and operational capabilities put us in the best position to benefit from upcoming industry tailwinds.”
Darren Francis, CEO of Northern Mat & Bridge, an EIC subsidiary, also welcomed the integration. “Since entering the market, the TerraPro team has built a strong business. As we prepare to meet the upcoming demand, we are excited to add the exceptional people from TerraPro to strengthen our team and grow our operations. The integration of TerraPro will allow us to continue offering our clients top-tier support across the country. We look forward to working closely with TerraPro’s team as we enter an exciting growth cycle.”
Exchange Income Corporation remains committed to its disciplined acquisition strategy, targeting profitable, well-established companies with strong management, steady cash flow, niche market positions, and organic growth potential. The addition of TerraPro marks another step in that ongoing pursuit, positioning EIC to capitalize on rising infrastructure activity in Canada.
