Exchange Income Corporation Strengthens Aviation Aftermarket Strategy With MACH 2 Acquisition
Exchange Income Corporation (TSX: EIF) (“EIC”), a diversified and acquisition-focused company with core operations spanning the Aerospace & Aviation and Manufacturing sectors, has announced the acquisition of MnM Aircraft Component Holdings, Inc., operating under the name MACH 2, in a transaction valued at US$43 million. The deal represents another deliberate step in EIC’s long-term strategy of building scalable, data-driven aviation businesses through targeted acquisitions.
The purchase price was funded through a combination of equity and debt. Approximately US$9 million was satisfied through the issuance of EIC common shares to the vendor, while the remaining US$34 million was financed through the Corporation’s existing credit facility. Following the close of the transaction, MACH 2 will operate as a subsidiary of Regional One, Inc., EIC’s aviation asset management and aftermarket platform.
Accelerating Expansion in the Commercial Aviation Aftermarket
The acquisition of MACH 2 significantly accelerates Regional One’s expansion into the commercial aviation aftermarket, particularly within the narrow-body and wide-body jet aircraft segments. These segments represent the largest and most liquid portion of the global aircraft parts market, driven by high utilization rates, large installed fleets, and ongoing supply constraints affecting new aircraft production.
EIC’s aviation strategy has increasingly focused on capturing value in the aircraft aftermarket, where demand for maintenance, repair, overhaul, and used serviceable material (USM) continues to outpace supply. The MACH 2 acquisition provides Regional One with immediate scale, expertise, and inventory exposure in commercial aircraft components—capabilities that would otherwise take years to develop organically.
This transaction builds on EIC’s acquisition of Canadian North in 2025, which expanded the Corporation’s owned and operated fleet to include narrow-body jet aircraft, notably Boeing 737s. That acquisition created a unique opportunity for Regional One to leverage real-world operational data, aircraft assets, and teardown intelligence within the commercial aviation ecosystem.
By combining Canadian North’s aircraft assets and operational insights with MACH 2’s commercial aftermarket expertise, EIC is positioning Regional One to play a much more active role in the global USM market.
MACH 2’s Role in the Global USM Market
Based in Pompano Beach, Florida, MACH 2 operates in the commercial segment of the global used serviceable material (USM) market. The company specializes in sourcing, managing, and distributing high-demand aircraft components across multiple commercial aircraft families.
Over the years, MACH 2 has developed longstanding relationships with operators, lessors, and maintenance organizations, allowing it to consistently access and place in-demand parts. Importantly, MACH 2 does not focus on the regional aircraft segment, resulting in less than 5% overlap with Regional One’s existing business prior to the acquisition.
This minimal overlap was a key factor in the transaction’s strategic appeal. Rather than cannibalizing existing operations, MACH 2 meaningfully broadens Regional One’s addressable market, enabling it to serve a wider range of customers across the commercial aviation spectrum.
Strategic Fit With Regional One’s Platform
Since acquiring Regional One in 2013, EIC has invested heavily in transforming the business into a technology-enabled aviation platform. Over the past decade, Regional One has developed proprietary systems, standardized processes, and advanced data analytics capabilities that support asset lifecycle management, parts distribution, and customer engagement.
According to EIC leadership, MACH 2’s integration into this platform will allow its commercial expertise and relationships to scale more rapidly under Regional One’s infrastructure.
“Since acquiring Regional One in 2013, the R1 team has transformed the business through the development of industry-leading systems, processes and proprietary data capabilities,” said Mike Pyle, Chief Executive Officer of Exchange Income Corporation. “With our acquisition of Canadian North and access to its 737 fleet, we recognized a unique opportunity to expand into the commercial aviation sector.”
He added that the combination of assets and expertise creates a compelling foundation for growth.
“The combination of Regional One’s systems and processes, MACH 2’s industry knowledge and relationships, EIC’s balance sheet, and Canadian North’s aircraft assets and data puts us in an excellent position to accelerate our growth in the commercial USM market.”
Founders See Long-Term Opportunity in Platform Scale
For MACH 2’s leadership, the transaction reflects a recognition that scale, data, and access to capital are increasingly decisive advantages in the aircraft parts market. Founded more than 20 years ago, MACH 2 has navigated multiple aviation cycles, building resilience through strong customer relationships and disciplined inventory management.
Matthew Murrin, President and Founder of MACH 2, emphasized how the partnership with EIC and Regional One positions the business for its next phase of growth.
“Since founding MACH 2 20 years ago, we have seen data and access to capital become essential competitive advantages in the USM market,” Murrin said. “The ability to leverage Regional One’s proprietary data management systems and access to capital puts MACH 2 in the best position to continue our expansion.”
He also highlighted the long-term vision underpinning the transaction.
“I am excited to partner with EIC and Regional One Exchange as we work to build a leading commercial USM platform for decades to come.”
Favorable Market Dynamics Driving Demand
The timing of the acquisition aligns with broader structural trends in the global aviation aftermarket. The aircraft parts market continues to experience persistent supply-demand imbalances, driven by a combination of post-pandemic production disruptions, extended aircraft lifecycles, and ongoing delays in new aircraft deliveries.
As airlines face constraints in sourcing new aircraft and OEM replacement parts, reliance on USM has increased across both narrow-body and wide-body fleets. This has elevated the strategic importance of companies capable of sourcing, certifying, and distributing serviceable components at scale.
Hank Gibson, President of Regional One, pointed to these dynamics as a key driver of the acquisition.
“The global aircraft parts market continues to face supply-demand imbalances, driven by post-pandemic production constraints and aging fleets worldwide,” Gibson said. “Operators are increasingly relying on USM to support their operations.”
He added Exchange that MACH 2’s established commercial footprint enhances Regional One’s ability to capture this demand.
“Matthew and his team have built an impressive commercial footprint, and the opportunity to combine MACH 2’s strengths with Regional One’s capabilities puts us in an excellent position to capitalize on market tailwinds.”
Capital Discipline and Shareholder Alignment
From a financial perspective, EIC emphasized that the acquisition meets its disciplined investment criteria. The transaction structure—combining equity issuance with credit facility funding—reflects EIC’s approach to balancing growth with prudent leverage management.
Adam Terwin, Chief Corporate Development Officer at EIC, noted that expanding Regional One’s commercial USM presence has been a strategic priority since the Canadian North acquisition.
Since EIC’s acquisition of Canadian North, expanding Regional One’s footprint in the commercial USM market has been a strategic priority,” Terwin said. “Regional One’s deep connections in the industry enabled us to seek out the right partner, where their culture and values are aligned with our team.
He also underscored the financial merits of the transaction.
In addition to the clear strategic merits of the transaction, the acquisition Exchange of MACH 2 satisfies EIC’s investment requirements, including being accretive on a stand-alone basis to the shareholders of EIC on a historical per share basis.
With MACH 2 operating under the Regional Exchange One umbrella, EIC plans to further integrate commercial aircraft data, inventory sourcing, and customer engagement into a unified platform. The goal is to create a scalable commercial USM operation capable of supporting airlines, lessors, and MROs Exchange across multiple aircraft types and geographies.
The acquisition also reinforces EIC’s broader corporate strategy: acquiring well-run, niche leaders and enhancing their growth potential through capital support, operational discipline, and long-term ownership.
As aviation markets continue to Exchange normalize while grappling with structural constraints, EIC’s expanding aftermarket presence positions the Corporation to benefit from sustained demand for aircraft parts and asset management solutions.
The MACH 2 acquisition marks another step in Exchange Income Corporation’s evolution from a diversified holding company into a focused operator of high-quality aviation platforms—anchored by data, scale, and long-term Exchange industry fundamentals.
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