Quick answer: three lower-middle-market acquisitions with a disclosed price closed in Week 43 (October 19-23, 2026) — Unusual Machines’ merger with drone-battery maker Upgrade Energy (about $26M at closing, up to $52M with an earn-out), Janel Corporation’s $17.0M purchase of antibody maker EnCor Biotechnology, and Exchange Income Corporation’s $30M acquisition of Canadian access-matting company TerraPro.
Each deal was read in the buyer’s own SEC filing or press release. Only deals with a disclosed price between roughly $10M and $100M are included, and each card says what the source did not disclose.
| Acquirer | Target | Deal size | Announced | Type |
|---|---|---|---|---|
| Unusual Machines | Upgrade Energy (DroneNX LLC) | ~$26M at close, up to $52M | Oct 19, 2026 | Strategic |
| Janel Corporation | EnCor Biotechnology | $17.0M | Oct 20, 2026 | Strategic |
| Exchange Income Corporation | TerraPro | $30M | Oct 22, 2026 | Strategic |
3 acquisitions from Week 43
Deal
Unusual Machines, Inc. (NYSE American: UMAC) → DroneNX LLC, doing business as Upgrade Energy
- Price
- About $26M at closing ($25.0M in shares plus $1.0M cash), up to $52M with a $26M cash earn-out
- Status
- Closed · Oct 19, 2026 · merger agreement dated May 7, 2026
- Sector
- Drone batteries · United States
Unusual Machines sells drone components. The company’s announcement of the closing describes the deal as expanding its US drone battery manufacturing. The shares are the bulk of the price, so the dollar value moves with its stock price.
- Shares: 1,792,012 shares issued to founder Matthew Barnard, valued at about $25.0M at $13.9508 per share
- Earn-out: up to $26M in cash if Upgrade's revenue exceeds $10M in the first or second calculation period
- Funding: the cash portion came from Unusual Machines' cash on hand
- Management: Barnard becomes CEO of Upgrade under a two-year employment agreement
- Not disclosed in the filing: Upgrade's revenue and profit
Deal
Janel Corporation (via its subsidiary Antibodies Incorporated) → EnCor Biotechnology Inc.
- Price
- $17.0M: $11,960,000 cash at closing plus a $5,040,000 subordinated promissory note
- Status
- Closed · Oct 20, 2026
- Sector
- Biotechnology / research antibodies and reagents · United States
EnCor, based in Gainesville, Florida, develops, manufactures and distributes antibodies and reagents used in research and treatment of neurological diseases and conditions. Janel says EnCor’s financial statements are not material to its stockholders and has asked the SEC for relief from filing them.
- Stake: 100% of EnCor's common stock
- Funding: cash from operations, borrowings under Janel's senior credit facility, and the subordinated note
- Credit line: on Oct 16 Janel raised its acquisition facility commitments by $15M, ahead of the deal
- Not disclosed: sellers, EnCor's revenue and profit
Deal
Exchange Income Corporation (TSX: EIF) → TerraPro
- Price
- $30 million (currency not stated in the sources), subject to customary post-closing adjustments
- Status
- Closed · Oct 22, 2026 · first announced Aug 24, 2026
- Sector
- Environmental access solutions / access matting · Canada
TerraPro is a fully integrated access-matting platform serving Western Canada, with in-house mat manufacturing, a matting fleet and specialized equipment. Access mats are temporary roadways used to reach work sites on soft ground, typically on linear infrastructure projects.
- Structure: a plan of arrangement; up to $4M of the price paid in EIC shares, the rest from its credit facility
- Carve-out: the $30M excludes TerraPro's Sherwood Park, Alberta property, which EIC planned to buy and resell for TerraPro's shareholders
- Integration: TerraPro joins EIC's Canadian Environmental Access Solutions operations
- Not disclosed: revenue and EBITDA
Buyer spotlights
Buyer Spotlight
Exchange Income Corporation
Strategic · TSX: EIF
EIC, based in Winnipeg, Manitoba, describes itself as a diversified, acquisition-oriented company focused on its Aerospace & Aviation and Manufacturing segments. Its stated criteria are already-profitable, well-established companies with strong management teams, steady cash flow and niche markets. TerraPro fits that pattern: a regional niche operator folded into an existing business rather than run as a standalone platform.
Buyer Spotlight
Janel Corporation
Strategic · holding company
Per its annual report, Janel is a holding company with Logistics, Life Sciences and Manufacturing segments, and EnCor adds to its antibody business. The financing is the interesting part: it paid $11.96M in cash, issued a $5.04M subordinated note, and four days earlier raised its acquisition credit commitments by $15M under a senior facility of up to $59.12M. The sequence suggests the debt capacity was arranged before the deal closed.
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