googletag.pubads().enableSingleRequest(); Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. Duffy looks great on paper, he said. 703-761-9030 He previously worked at CEA Capital Advisors. The leading representative office of defined VC is situated in the New York. Whats more, Dinneen explained that the transcontinental service launch was based on overwhelming feedback LaserShip and OnTrac received from their customers about the need for a carrier with their speed, reliability, cost-savings and service, but with nationwide scale. All Rights Reserved. , Diversified Healthcare: Q4 Earnings Snapshot, UPDATE 1-US pick to head World Bank, ex-Mastercard CEO Banga, starts 'charm offensive', UPDATE 1-Cardinal Health, McKesson prevail in Georgia families' opioid trial, Asian Stocks Face Pressure as Yields Move Higher: Markets Wrap, UPDATE 1-US Supreme Court doubt over student debt relief looms over Biden agenda. And they added, at the time, that in order to ensure continued exceptional service through the holiday season with expectations of heightened shipping volumes, LaserShip and OnTrac would not begin to link their networks until 2022 and would operate independently until then. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. Over the course of his career, Solomon has covered nearly the whole gamut of the transportation and logistics industry, including trucking, railroads, maritime, 3PLs, and regulatory issues. FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. LaserShip has agreed to buy Arizona-based OnTrac Logistics. American Securities and Greenbriar, which own LaserShip, will provide additional equity financing for the deal and continue to provide strategic support for the combined company. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. Will Manuel joined American Securities in 2016. Having real competition nationally can potentially reign the runaway price increases weve seen over the past couple of years, he said. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. That process, the companies said is the rollout of a new transcontinental delivery service, which they said is focused on helping retailers reach consumers in the nations most populated regions with faster and more reliable home delivery at a cheaper cost. Logistics In the case of additional junior secured debt, the Secured Leverage Ratio does not exceed a level greater than 0.25x the ratio at the closing date or most recently ended test period. Founded in 1999, Greenbriar is a private equity firm managing over $6 billion of total committed capital focused on investments in market-leading services and manufacturing businesses. About Greenbriar Equity Group . googletag.enableServices(); Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[728, 90], [468, 60], [300, 100], [320, 50]], 'div-gpt-ad-b1-i-fw-ad-1').defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads()); This merger of two strong companies is a testament to the extraordinary efforts of our team members to build a leading parcel carrier and logistics business, said Mike Roth, Board member and interim CEO of LaserShip. LaserShip is a portfolio company of American Securities and Greenbriar, and both will provide additional equity financing and continued strategic support for the combined company. googletag.cmd.push(function() { Will began his career at Chase Securities in the Mergers & Acquisitions group. American Securities could fill those gaps through acquisitions or internal expansion. One top executive said that the news was unexpected and that there was no inkling of a change in the works. Associate New York. For more information, visit american-securities.com. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. It is also welcome news to big parcel shippers that have spent 18 months coping with persistent demand spikes, ultratight capacity and demands by FedEx (NYSE: FDX) and UPS (NYSE: UPS) to accept higher rates and surcharges, or be volume-restricted if not cut loose altogether. About OnTrac Logistics, Inc. In a note to investors, Moodys said the acquisition of OnTrac was a transformative step toward being a national player by combining east and west coast networks. That month, FedEx closed on a deal announced the prior October to acquire Caliber System Inc., whose Roadway Package System (RPS) unit had been quietly nibbling at UPS competitive position for 13 years. Following their late 2021 announcement, in which Vienna, Va.-based LaserShip, the largest regional e-commerce parcel carrier and last-mile delivery services provider, and Chandler, Ariz.-based regional shipping services provider OnTrac, announced they had entered into a definitive agreement to merge, with LaserShip acquiring OnTrac for $1.3 billion, the companies last week stated they are . Industrial Technology 10-35%. Media. Fast-growing parcel carrier LaserShip Inc. agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $1.3 billion deal . The LaserShip-OnTrac entity equals just 3% of FedExs and UPS combined volumes and only 1.5% of combined revenue, according to consultancy Shipware LLC. As the new CEO, Mr. Holifield will assume day-to-day leadership of the company effective November 8, 2021, and will succeed interim CEO Mike Roth, who will remain a Board member. - The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. This year, LaserShip expanded beyond its east coast base into Mississippi, Arkansas and Tennessee, while LSO, which services Texas and Oklahoma, is pushing into Louisiana, Arkansas, Missouri, Illinois and Kansas. }); googletag.cmd.push(function() { Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. The combined company will bring together two complementary operating footprints across the United States. One thing for sure, UPS and FedEx better wake up. Further, LaserShip faces high turnover of its independent contractors which could challenge the company's service times and quality.Moody's expects LaserShip to have adequate liquidity, with nominal cash balances balanced by availability under the new $75 million revolver and positive free cash flow, with at least low-single digit free cash flow to debt. Last-mile delivery reaching over 140M people in the U.S.! American Securities LLC (originally named American Securities Capital Partners (ASCP)), is an American private equity firm based in New York with an office in Shanghai that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA.American Securities and its affiliates have . 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. googletag.enableServices(); The transaction is expected to close in Q4, subject to customary closing conditions. In the short term a combined LaserShip/OnTrac is certainly poised to steal share away as evolving network configurations bring more volume closer to end customers in high-demand areas, said Nate Skiver, founder of LPF Spend Management. Josh Dinneen, Chief Commercial Officer at LaserShip and OnTrac, told LM that this transcontinental service is a huge win for retailers, as it empowers them to reach consumers in the countrys most populated areas with faster, reliable, cost-effective home delivery. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. All Rights Reserved. gptAdSlots.push(gptSlot); . . The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. Moody's expects LaserShip to generate positive free cash flow of about 3% of total adjusted debt in 2022. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. The number of new customers has increased rapidly of late, and remains to be seen whether the company can service all of its customers at the required service levels. Prior to Centerbridge, Will was a Principal at Spectrum Equity Investors and Spire Capital Partners. About LaserShip, Inc. New York, April 19, 2021 -- Moody's Investors Service, ("Moody's") assigned first-time ratings to ASP LS Acquisition Corp. ("LaserShip") including a B3 corporate family rating ("CFR") and a B3-PD probability of default rating. In May, it was sold to private equity firm American Securities by fellow PE outfit Greenbriar Equity Group LP, which had owned it since 2018. Our new service enables our combined company to provide delivery solutions on a national scale. However, the ace in the hole for the big boys is their customers fears of losing volume discounts should they shift even some of their business. LaserShip is a portfolio company of American Securities and Greenbriar, and both equity firms have signalled that they will provide additional financing and strategic support for the LaserShip-OnTrac venture. googletag.cmd.push(function() { Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. American Securities's largest holding is Blue Bird Corp with . At less than $1 billion in revenue, LaserShip is significantly smaller than national deliverers UPS and FedEx, but maintains a strong regional network focused on densely populated areas in the eastern US.LaserShip has exhibited substantial growth in its e-commerce delivery business, especially during 2020 and continuing into 2021 as the company shifted focus to the e-commerce space from its traditional B2B business, with significant new customer wins and very substantial throughput with delivery volumes more than doubling. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. October 11, 2021 Im sure leaders at these companies see the likelihood of a third national at this point, so it becomes a question of, do they want to be acquired or do they want to remain a regional? Bohn said. Technology, Media & Telecom. LaserShip is funded by American Securities. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. Our focus is always on the long-term best interests of the companies and investors we serve. The deal is expected to close in Q4. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. While some experts said the deal doesnt pose an immediate threat to the duopoly of UPS and FedEx on a national level, all agree its a wake-up call for them and a boon for shippers facing volume limits, cost spikes and service level challenges. Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the company's new CEO, effective immediately. LaserShip/OnTrac, the largest regional e-commerce parcel carrier in the U.S. and leader in e-commerce last-mile delivery, today announced the appointment of . The OnTrac service area includes California and the major metropolitan areas of Arizona, Nevada, Oregon, Washington, Utah, Colorado, and Idahoan area that is home to over 65 million consumers. In March 1998, UPS controlled 64% of pick-ups in the U.S. ground parcel market, which at the time was dominated by business-to-business (B2B) deliveries, according to SJ Consulting, a consultancy. The revolver will be subject to a springing net leverage covenant (ratio to be determined), tested if borrowings exceed 35% of the revolver commitment. So Amazon sources cheaper options. Liked by Will Manuel. googletag.pubads().collapseEmptyDivs(); Amazon may also be their next new direct competitor., John Haber, president of the parcel business unit at Transportation Insight, also expected further consolidation to follow in parcel/last mile at a rapid pace., This is great news for shippers, Haber said. googletag.enableServices(); This will open an investigation for the package. When LaserShip and OnTrac first announced the merger, Rob Martinez, founder and co-CEO for San Diego-based Shipware, an audit and parcel consulting services company, told LM that it should be viewed as good news for parcel shippers, as the parcel industry has been clamoring for alternatives to FedEx and UPS for years. Find company research, competitor information, contact details & financial data for UBS SECURITIES PTE. Reach out to the author: contact and available social following information is listed in the top-right of all news releases. American Securities is the famous VC, which was founded in 1994. Actual revenue for the fiscal year ended December 31, 2020 was approximately $613 million.The principal methodology used in these ratings was Surface Transportation and Logistics published in May 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1113382. Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. The sale is expected to close near the end of the month with a tentative date of October 25, 2021. gptAdSlots.push(gptSlot); OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. Try diverting 20% of your traffic to save 5% with the regionals and watch your costs rise 10% on the remaining 80% of the volume that stays with FedEx and UPS but misses [the] maximum revenue incentives, he said. 5614 Business Support Services. Always a great day when you see your valued team receiving Executive High 5 recognition from our CEO. American Securities is a hedge fund with 20 clients and discretionary assets under management (AUM) of $21,161,740,410 (Form ADV from 2022-03-31). googletag.pubads().collapseEmptyDivs(); MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. googletag.cmd.push(function() { Mike Erickson, CEO of shipping consultancy AFMS, said the deal was a big win for domestic parcel shippers, given the good reputation and service levels of both companies, providing more options as the operations are merged. Will received a BA in Government from Connecticut College. 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Manu Aggarwal We are thrilled at the prospect of this combination, joining two companies that share a culture of world-class service and that mark the future in e-commerce last-mile delivery at scale, said Will Manuel, Chairman of the Board of LaserShip and a Managing Director of American Securities. The company's integrated regional parcel network offers customers a unique solution for next day and two-day parcel service across more . LaserShip Chief Commercial Officer Josh Dinneen told the Wall Street Journal that the combined companys 100+ sorting and delivery hubs in 30 states and the District of Columbia will get it closer to offering a coast-to-coast solution which doesnt exist outside UPS or FedEx.. E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. To ensure continued exceptional service through the holiday season with expectations of heightened shipping volumes, LaserShip and OnTrac will not begin to link their networks until 2022 and will operate independently until that time. LaserShip, the premier East Coast last-mile delivery company, and OnTrac, the leading West Coast player in last-mile delivery, together will form the first coast-to-coast partner of choice for last-mile e-commerce deliveries. Get the latest business insights from Dun & Bradstreet. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. googletag.defineSlot('/21776187881/FW_Super_Leaderboard', [[300, 50], [970, 90], [300, 100], [728, 90]], 'div-gpt-ad-1668097889433-0').defineSizeMapping(gptSizeMaps.banner2).addService(googletag.pubads()); 212-476-8071 Number of Funding Rounds 1. It will be the only pure-play national e-commerce solution . The official Twitter of LaserShip. It looks like a 12x-15x price they paid for OnTrac, but if they can take advantage of this hot parcel market and future growth, this could be a great acquisition, Erickson said. No time frame for that has been specified. You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. Text. 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