PE Deals

EIC to buy Hennick & Co-backed BVGlazing System for C$95m

Toronto-based BVGlazing is backed by Hennick & Co, a Canadian private investment firm.

-
  • BVGlazing System is a manufacturer and supplier of window, door, and railing systems for mid-rise and high-rise building projects
  • EIC is a diversified acquisition-oriented company focused on aerospace and aviation services and equipment and manufacturing
  • Hennick&Co led the recapitalization of BVGlazing in 2002

Exchange Income Corp (EIC) has agreed to acquire BVGlazing System, a manufacturer and supplier of window, door, and railing systems for mid-rise and high-rise building projects in North America, for C$95 million.

BVGlazing is headquartered in Toronto. It is backed by Hennick&Co, which led the recapitalization of the company in 2002.

The sale price will be funded by the issuance of C$23 million of EIC’s common shares to the vendors and cash worth C$72 million from its credit facility. The deal is expected to be close in the second quarter of 2023, subject to regulatory approval.

“The long-term demand for high-rise residential buildings is robust, driven by housing affordability and population growth in major metropolitan cities. With these long-term tailwinds, we are keen to grow our investment in our building envelope business,” said Mike Pyle, CEO of EIC, in a statement. “There is minimal overlap between Quest and BVGlazing in their respective key markets, with Quest’s efforts focused primarily in the US since our acquisition of the company in 2017 and BVGlazing’s focus being primarily in Canada. Our ability to now add BVGlazing’s curtain wall and railing systems’ capabilities to Quest’s portfolio is critical.”

EIC is a diversified acquisition-oriented company focused on aerospace and aviation services and equipment and manufacturing. The business is based in Winnipeg.

Hennick&Co is a private investment firm based in Toronto. Established by the Hennick family, it makes long-term investments in operating companies and real estate.

National Bank Financial acted as financial advisor and MLT Aikins acted as legal counsel for EIC. KPMG Corporate Finance acted as financial advisor and Fogler Rubinoff acted as legal counsel to BVGlazing.