Courier company IBC is to be bought out by its US namesake and a group of Bermuda investors.

The investor group has struck a deal with IBC Ltd in Bermuda owners BAS Services to take over the company.

The move means US-based IBC Inc and private investors, including Bermuda businessmen Glen Smith, Theo Klimatsidas and Joe Costigan Jr, will assume control of the firm.

Mr Smith, who is managing director of Auto Solutions in Pembroke, and Mr Costigan’s father, also Joe, were part of the original management team that founded IBC in Bermuda nearly 30 years ago.

Mr Smith said: “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.”

Ian Cook, president and CEO of BAS Group, added: “Exiting the logistics business will allow BAS Group to focus better on leading edge facilities, infrastructure solutions and management services.”

He added: “We are committed to working closely with IBC Inc to execute a seamless transition for customers and employees.”

IBC Inc, a global logistics firm, is based in Miami, with additional company-owned branches in New York, Los Angeles, Boston, Aruba and Trinidad & Tobago and with delivery partners in more than 180 companies.