The Company is a diversified, acquisition-oriented corporation focused on acquisition opportunities in the industrial products and transportation sectors, in particular businesses that are suited for public markets, except for their size. The business plan of the Company is to invest in profitable, well-established companies with strong cash flows operating in niche markets in Canada and/or the United States. The objectives of the Company are:

(i) to provide Shareholders with stable and growing cash distributions;

(ii) to maximize Share value through on-going active monitoring of its Operating Subsidiaries; and

(iii) the continuing acquisition of additional companies or businesses or interests therein in order to expand and diversify the Company’s investments.

Acquisition Strategy

The Company’s acquisition strategy is to target strong niche businesses with strong cash flows, which acquisitions are well suited for public markets as income generating vehicles, except for their size. The Company seeks to acquire businesses with the following characteristics: (i) attractive margins; (ii) defensible market position; (iii) low maintenance capital expenditures; (iv) identifiable competitive advantage(s); and (v) barriers to market entry by competitors. The Company seeks to retain the key management personnel following acquisitions and have such key management personnel own an equity interest in the Company. Management believes that profitable, well-established family-owned or closely held businesses with strong cash flows and which operate in niche markets present an attractive investment opportunity due to the fact that many such businesses do not have a succession plan. Management believes that the Company will be able to continue to implement its investment strategy of acquiring businesses with these characteristics to provide additional cash flow and further enhance long-term Shareholder value.

Attributes of target companies:

• Profitable, mid-market companies with an emphasis on manufacturers or processors.
• Strong management team
• Demonstrable growth opportunity
• Sustainable annual EBITDA of $2.0 to $10 million with a diverse customer base.

Purchase price will be based on a multiple of historical sustainable EBITDA.

Implementation of Acquisition Strategy

Since its inception to the date hereof, the Company has completed 11 acquisitions for an aggregate purchase price of approximately $160 million.

The Company currently owns Operating Subsidiaries in two niche business segments:

(i) Aviation; and
(ii) Specialty Manufacturing.

The Operating Subsidiaries operate autonomously and maintain their individual business identities. The Company relies on the high quality management teams of its Operating Subsidiaries and does not rely on operating synergies to justify acquisitions.

It is the intention of management to continuously monitor the Company's Operating Subsidiaries, and to undertake future acquisitions and divestitures as deemed beneficial to the Company.

Internal Growth Strategy

The Company closely monitors management of the Operating Subsidiaries to ensure that the Operating Subsidiaries continue to have sound business operations and expansion strategies, where appropriate. Management seeks to identify and exploit potential synergies among the Company’s Operating Subsidiaries.

Operating Subsidiaries

The Operating Subsidiaries of the Company on the date hereof are listed below.  For a more extensive description of each of the Operating Subsidiaries, please refer to our subsidiaries section of this website.

Perimeter Aviation LP

Perimeter operates a scheduled airline service to northern Manitoba communities. Perimeter operates its scheduled airline service out of its main terminal and cargo facility located at the Winnipeg International Airport. In addition to the scheduled airline service, Perimeter also: (i) provides medevac services to northern communities; (ii) operates a flight training school specializing in commercial instrument flight rating licenses; and (iii) undertakes charter work on behalf of major courier companies.

4873999 Manitoba Ltd.;

4873999 Manitoba, owns fuel tank assets that are used by the airline service operations of Perimeter.

Keewatin Air LP

Keewatin operates an airline and medevac services business that serves communities in Manitoba and Nunavut.

Calm Air International LP

Calm Air operates a scheduled airline service to Nunavut and northern Manitoba communities.  In addition to its scheduled service, Calm Air provides dedicated cargo and chartered services.  Calm Air provides its services from its three main bases in Winnipeg, Thompson and Churchill, Manitoba.

Jasper Tank Ltd.

Jasper Tank is a manufacturer located in Spruce Grove, Alberta which specializes in manufacturing custom tanks for the transportation industry.

Overlanders Manufacturing LP

Overlanders is an ISO-9001 certified manufacturer of precision sheet metal and tubular products serving companies in a diversified mix of industries in British Columbia and the Pacific Northwest of the United States.

Water Blast Manufacturing LP

Water Blast manufactures specialized heavy-duty pressure washer and steam systems, and is the exclusive distributor in its geographic market for Hotsy pressure washer cleaning equipment, which is used for a variety of light commercial and industrial applications.

Water Blast Manufacturing B.C. Ltd.

Water Blast Manufacturing B.C., a subsidiary of Water Blast LP, is the exclusive distributor in the Province of British Columbia, other than the Dawson Creek region, for Hotsy pressure washing cleaning equipment.

Stainless Fabrication, Inc.

Stainless Fabrication, a Missouri state corporation, is the custom designer and manufacturer of stainless steel tanks, vessels and processing equipment for the pharmaceutical, chemical, ethanol, food and beverage, dairy and transportation industry.