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TriWest sells Northern Mat & Bridge to EIC for C$325m

Canadian private equity firm TriWest Capital Partners has sold Northern Mat & Bridge, a Calgary-based provider of temporary access solutions and structures to heavy industry.

Canadian private equity firm TriWest Capital Partners has sold Northern Mat & Bridge, a Calgary-based provider of temporary access solutions and structures to heavy industry. The deal was closed at an enterprise value of C$325 million. The buyer was Exchange Income Corp, a Winnipeg-based diversified acquisition-oriented company. TriWest first invested in Northern Mat & Bridge in 2012.

PRESS RELEASE

Calgary, Alberta (May 10, 2022) — TriWest Capital Partners (“TriWest”) today announced that it has sold Northern Mat & Bridge Limited Partnership (“Northern Mat & Bridge” or the “Company”), a leading provider of temporary access solutions, to Exchange Income Corporation (“EIC”) a diversified acquisition-oriented company, focused in two sectors: aerospace & aviation services and equipment, and manufacturing.

Northern Mat & Bridge is the leading provider of safe, environmentally friendly temporary access solutions to Canadian industrial sectors, including power transmission & distribution, pipeline, oil & gas, emergency response, renewable energy, forestry, mining, and general construction. Northern Mat & Bridge’s products and services enable its customers to reduce their environmental footprint, while concurrently enhancing the safety and efficiency of operations. As the industry’s leading service provider, Northern Mat & Bridge owns the largest fleet of access mats and portable bridges in Canada, with operations across Canada. Managing every aspect of a client’s access requirements, Northern Mat’s product and service line-up includes access mats, rig mats, crane mats, temporary bridges, planning and consultation, delivery, installation, maintenance, relocation, removal, reclamation, cleaning, and disposal. Leveraging the Company’s internal manufacturing capabilities, extensive fleet of equipment and vast network of operations facilities and storage yards across Canada, NMB is Canada’s best positioned temporary access solutions provider.

“The Northern Mat & Bridge investment is a classic example of our approach at TriWest, partnering with great Western Canadian entrepreneurs like Darren Francis and his management team and building a market leading platform that delivered exceptional returns to our investors,” said Mick MacBean, Senior Managing Director, TriWest. “It was a pleasure working with Darren and his management team as they executed numerous strategic initiatives during our investment period, and we wish them continued success with EIC as their new partner,” added Dave Connolly, Managing Director, TriWest.

Darren Francis, CEO & President of Northern Mat & Bridge, commented, “We wish to thank TriWest for being a valued partner over the years, playing an important role in the growth and success of NMB. TriWest has been very much aligned with our vision for the Company and supported the many growth initiatives we have undertaken. Together we have built Northern Mat & Bridge into the market leader in providing safe, environmentally friendly access solutions, serving diverse end markets from coast to coast in Canada. We are excited to be beginning a new chapter with EIC. We see great alignment with EIC and look forward to working together to continue to grow the business.”

The transaction was completed at an enterprise value of $325.0 million. CIBC Capital Markets acted as TriWest’s lead financial adviser and Goldman Sachs acted as co-financial adviser. Legal advice was provided by Burnet, Duckworth & Palmer LLP and tax services were provided by Ernst & Young.

About TriWest Capital Partners

Founded in 1998 and based in Calgary, Alberta, TriWest is one of Canada’s leading private equity firms, having raised over C$1.4 billion in committed capital through six funds. TriWest has successfully invested in 43 companies across a broad cross-section of the economy in partnership with their management teams. We work closely with our management partners, together proactively putting in place a strategy that maximizes growth potential and value creation by emphasizing operational excellence, prudent governance and an efficient capital structure. The principals of TriWest have significant operational and financial expertise, making us effective partners in creating shareholder value. For more information: www.triwest.ca

About Northern Mat & Bridge

Based in Calgary, Alberta, Northern Mat & Bridge is the leading provider of temporary access solutions to the Canadian industrial sector. Northern Mat & Bridge’s products enable its customers to reduce their environmental footprint, while concurrently enhancing the safety and efficiency of operations. As the industry’s leading service provider, Northern Mat & Bridge owns the largest fleet of access mats and portable bridges in Canada, with operations from coast to coast. For more information, please visit: www.northernmat.ca

About EIC

Exchange Income Corporation is a diversified acquisition-oriented company, focused in two sectors: aerospace & aviation services and equipment, and manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth. For more information on the Corporation, please visit: www.ExchangeIncomeCorp.ca. Additional information relating to the Corporation, including all public filings, is available on SEDAR (www.sedar.com).