AirNet Acquires Quick Int’l Courier
COLUMBUS, Ohio (AP) _ AirNet Systems Inc. is buying Quick International Courier for $92 million, boosting its small-package operation and supplementing AirNet’s core business of delivering canceled checks.
Quick, based in New York City, and AirNet, based in Columbus, Ohio, offer premium services that provides late pickup and early delivery of high-priority packages and documents.
AirNet had sales of $98.4 million in 1997, while Quick revenues totaled $80 million over the same period.
Mercer expects the combined company to have sales of $200 million this year. He said the deal also will have a slightly positive impact on earnings per share.
AirNet shares finished up $1 Tuesday at $24.62 1/2. The Quick deal prices AirNet shares at $23.62 1/2.
Mercer said AirNet’s business will be split between the delivery of canceled checks and small-package operations after completion of the transaction. The canceled-check portion had made up 85 percent of revenues.
Mercer said the deal will add fewer than 15 employees to the 350 the company has working in Columbus.
Privately owned Quick has 428 employees and 11 offices in the United States, as well as 5,000 agents worldwide.