Exchange Income Corp. closed its acquisition of Quest Window Systems Inc. for $85 million, subject to customary post-closing adjustments. This can increase to $100 million if post-closing growth targets are met, according to a press release.
Quest, headquartered in Mississauga, Ontario, manufactures a unitized window wall system used primarily in high-rise multifamily residential projects in Canada and the United States.
“This is a strategic acquisition for us as it further expands our manufacturing operations and complements our companies within our manufacturing segment,” says Mike Pyle, CEO of EIC. “Quest has carved out a niche product in a large market and is top of class, which is driven by product innovation and customer focused solutions. The management team is exceptional and will continue to lead the business in the future. Their conservative and disciplined approach has created brand equity and significant credibility within the industry. Quest’s geographic and customer diversification, coupled with a significant backlog and pipeline of projects, will allow it to unlock new opportunities in current and new markets.”
Martin Cash, the founder and CEO of Quest, along with his son Jody Cash, the company’s vice president, have more than 55 years of combined industry experience and will continue to lead the business under its new ownership.
“Jody and I were seeking a partner who can work with us as we are in a position to scale the business—as evidenced by our significant backlog and pipeline of projects,” says Martin Cash.” We have strong brand equity with a diverse set of customers across a number of major urban centers in Canada and the U.S. We are proud of the great company that our team has built and we look forward to continuing to grow as part of the EIC team.”