08:42 AM EDT, 06/24/2024 (MT Newswires) -- Exchange Income ( EIFZF ) which invests in the aerospace & aviation and manufacturing segments, on Monday said it has acquired Armand Duhamel & Fils, a privately owned Quebec-based sawmill, for $19 million, which can increase up to $22 million if post-closing targets are met.

Exchange Income ( EIFZF ) issued $3 million common shares to the vendors and drew $16 million cash from its credit facility. Guillaume Gonthier, co-owner of Duhamel is continuing as the president of the company.

Duhamel owns and operates a sawmill that manufactures products for customers in Quebec, Ontario, and Atlantic Canada. It primarily focuses on the manufacturing and sale of products that use eastern hemlock wood.