AirNet Systems goes private

AirNet Systems Inc., a Columbus, Ohio-based express carrier cargo with strong ties to the banking industry, has been acquired by Bayside Capital Inc. in a deal worth bout $34 million.

With the transaction now behind us, we are excited about our new partnership with Bayside and our joint commitment to continue to serve our express and bank customers and to grow in the express and dedicated charter marketplace, said Bruce Parker, AirNet chairman, president and chief executive officer.

AirNet said in recent years it has seen a decline in bank services revenues, reportedly as banks switched to check imaging technology. 

Source: American Shipper