IBC Inc. To Acquire IBC Bermuda From BAS
US-based firm IBC Inc. and a group of private investors including Glen Smith, Theo Klimatsidas, and Joe Costigan, Jr. today [Jan 25] announced that they have entered into an agreement to acquire IBC Ltd. in Bermuda.
“Mr. Smith and Joe Costigan, Sr. were part of the original management team who started the local IBC Ltd. company in 1987 in partnership with IBC Inc. The Bermuda business was sold to BAS Group of Companies in 2004 and, since then, has been run as an independent subsidiary,” the announcement said.
“IBC Inc. is a global logistics company that specialises in providing customised global transportation solutions.
“Since 1979, IBC has been a global industry leader in the courier market providing services to financial institutions, publishers, fashion houses, technology firms, government agencies and various transportation providers. It has a well-established, global distribution network of delivery partners in over 180 countries.”
Glen Smith, Chairman, on behalf of the new investor group says: “Having started IBC in Bermuda almost 30 years ago, I am delighted to be getting involved at an ownership level once again.
“The logistics and transportation service is vital for many businesses in our international and local business community given our island location.
“The company is close to my heart and I’m looking forward to working with the Directors, management team, as well as existing and future staff members to grow the company in the next phase of its life.”
“We are very pleased to announce this transaction,” said BAS Group Chief Executive Officer and President Ian Cook.
“Exiting the logistics business will allow BAS Group to focus better on leading edge facilities infrastructure solutions and management services.”
Mr Cook added, “We are committed to working closely with IBC Inc. to execute a seamless transition for customers and employees.”
Lmawo !!!!
This is good news for IBC and its staff. Mr. Smith will turn this ship around and save many jobs by doing so as Im sure the future wasn’t looking very bright for IBC.