Wynnchurch Capital exits Carson Air with EIC acquisition

Wynnchurch Capital has sold its investment in Carson Air as part of the acquisition of the company by Exchange Income Corp.

Wynnchurch Capital has sold its investment in Carson Air as part of the acquisition of the company by Exchange Income Corp. No financial terms were disclosed. Based in Kelowna, British Columbia, Carson is a leading provider of fixed-wing air ambulance services, air cargo services and flight school training. Wynnchurch invested in 2015.

PRESS RELEASE

Rosemont, IL – July 13, 2021 — Wynnchurch Capital, L.P. (“Wynnchurch”), a leading middle market private equity firm, announced that it sold its investment in Carson Air (“Carson” or the ​“Company”) as part of the acquisition of the Company by Exchange Income Corporation (TSX: EIF) (“EIC” or the ​“Corporation”).

Headquartered in Kelowna, British Columbia, Carson is a leading provider of fixed-wing air ambulance services, air cargo services, and flight school training in Western Canada. Wynnchurch made an investment in Carson in October 2015.

Frank Hayes, Managing Partner at Wynnchurch, said, ​“Carson Air represented an opportunity to partner with a best-in-class management team. We could not be more proud of the Company’s progression and its current position as a world-class provider of critical flight services.”

Neel Mayenkar, Partner at Wynnchurch, said, ​“Carson’s laser focus on customer service and aviation excellence will continue to enable strong success and growth. We wish EIC and the Carson team our best in their future endeavors.”

Kevin Carson, founder of Carson Air, said, ​“We greatly value our partnership with Wynnchurch and the strategic guidance and resources they provided.” Kevin Hillier, President of Carson, added, ​“We’re excited to build on the Company’s commitment to safety, reliability, and responsiveness to thrive in the next step of our journey.”

Wynnchurch is actively seeking investment opportunities for its $2.277 billion Fund V. In September, Wynnchurch made its first Fund V platform equity investment when it acquired Labrie Environmental Group, a leading manufacturer of refuse collection vehicles across North America. Other recent Wynnchurch investments include: Northern Wholesale Supply, a leading provider of RV and marine parts and accessories, The Wheel Group, a leading designer and distributor of branded aftermarket wheels, specialty tires and related accessories; and Drew Foam Companies, a leading manufacturer of custom fabricated and molded expanded polystyrene products.

About Carson Air:
Carson Air Ltd., headquartered in Kelowna, British Columbia is a leading provider of fixed-wing air ambulance services, air cargo services, and flight school training in Western Canada. Since 1990, Carson Air has been committed to establishing strong relationships and building its reputation with its customers. With safety, reliability, and responsiveness guiding Carson Air over the last two decades, the Company has established itself as a leader in its markets and developed a reputation for excellent service. For more information, please visit: https://​www​.car​son​air​.com.

About Wynnchurch Capital:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with offices in California, New York, and an affiliate in Canada, was founded in 1999, and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch Capital manages a number of private equity funds with $4.2 billion of committed capital under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For more information, please visit: https://​www​.wyn​nchurch​.com.