LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the western half of the U.S., for roughly $1.3 billion. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. googletag.pubads().enableSingleRequest(); Both LaserShip and OnTrac have exhibited substantial growth in their ecommerce delivery businesses in 2020 and 2021 with significant new customer wins and substantial increases in delivery volumes, Moodys said. They acquired OnTrac Shipping for $1.3B. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. The efficiencies generated by these routes are effectively passed on to the shipper, which explains why the regionals price-service proposition can be appealing, she said. We do our best to solve any issues and answer your questions in the shortest possible time frames but some delays are possible. Address. 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. We aim to be respectful in all of our interactions. Vienna, Virginia-based LaserShips mid-October $1.3 billion purchase of Chandler, Arizona-based OnTrac will forge the first nationwide provider built from regional networks. About American Securities Rating Action: Moody's assigns B3 CFR to LaserShip; outlook stableGlobal Credit Research - 19 Apr 2021New 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. Diego Kantt is the current Principal at American Securities. Vienna, VA 22182. lasership.com. Find company research, competitor information, contact details & financial data for UBS SECURITIES PTE. LaserShip and OnTrac are expanding to Texas! UPS and FedEx fail to understand that the guy in Manhattan has different expectations of when a package arrives than the guy in Pittsburgh or Boulder. Liked by Will Manuel. We maintain the highest personal and corporate ethics through honesty and fair dealing. Maintaining positive free cash flow generation with free cash flow-to-debt in the high single-digits range could also result in an upgrade.The ratings could be downgraded if LaserShip loses a major customer or there is rapid turnover of the customer base, especially among the newer customers, inability to increase contribution margin per package at higher volumes, increased competition that strains revenue per package, or higher delivery costs. Amazon has taken significant share from UPS since it launched its delivery network seven years ago. Satish Jindel, SJs founder and CEO, and an adviser to FedEx on the Caliber deal, said UPS believed at the time that RPS was too insignificant to warrant much attention. Postal Service from a mail-focused service to parcel, as well as the exponential, e-commerce-driven growth of warehouse square footage and omnichannel fulfillment. 4,330 Followers. Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. For more information, visit american-securities.com. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. 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. 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. Its the next chapter in our steadfast commitment to the On-Time for Less promise we make to our shippers with every package, every day.. So Amazon sources cheaper options. FedEx and UPS have far from perfected deliveries in this world, and therein lies the chance for the merged entity and for regional carriers to make inroads, he said. When was the last funding round for LaserShip? MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. My guess is if LaserShip becomes a national, the other regionals will continue to thrive in the short term, but might be less viable long term as it puts downward pressure on pricing.. FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. About LaserShip, Inc. In 2022, the company spent $100 million to build a sortation hub in Philadelphia and to expand facilities in Columbus, Ohio; Charlotte, North Carolina; and Nashville, Tennessee. Our new service enables our combined company to provide delivery solutions on a national scale. About LaserShip, Inc. 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. 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. For more information, visit ontrac.com. 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. Any impact of the LaserShip-OnTrac combination on UPS and FedEx is a story that has years to play out. Will Manuel, an American Securities managing director who is also LaserShip's chairman, has high aspirations for the entity in a delivery world turned upside down by the COVID-19 pandemic. About. LaserShip is the leader in last-mile delivery for retailers and shippers that desire reduced transit times, lower costs, reliable on-time performance, and increased flexibility within their supply chain. googletag.pubads().enableSingleRequest(); (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. googletag.pubads().enableSingleRequest(); LaserShip is funded by American Securities. It stands to reason, then, that a merger of regional parcel delivery carriers LaserShip and OnTrac, with $1.7 billion in combined annual revenue between them, wouldnt appear on the giants radar. As national carriers continue to implement surcharges and off-schedule rate increases, our transcontinental service gives retailers a proven alternative that can help them diversify their carrier mix, increase flexibility and capacity, and scale their businesses by reaching 74% of the U.S. population across 30 states and Washington, D.C., he noted. [email protected], For American Securities: window.googletag = window.googletag || {cmd: []}; 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 . Tweets & replies. googletag.pubads().enableSingleRequest(); 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. Moodys SF Japan K.K. Even before this deal, regionals had been expanding their coverage to meet increased demand and take advantage of the opportunity. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. The combined company will bring together two complementary operating footprints across the United States. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company. 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. The OnTrac network provides companies an affordable way to speed up ground delivery so they can lower their shipping costs and delight their customers with world-class service. ASP LS Acquisition Corp. (d/b/a LaserShip), a Vienna, Va.-based regional last-mile package delivery service provider, has entered into an agreement to be acquired by American Securities LLC. Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. gptAdSlots.push(gptSlot); At the same time, analysts sounded a note of caution in terms of the combined companys ability to maintain current service levels as it scales, as did Skiver. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. The market share changes have been skewed by the growth in e-commerce fulfillment, which tilted delivery volumes to the more competitive business-to-consumer (B2C) segment, and the emergence of Amazon.com Inc. (NASDAQ: AMZN) as a delivery player. This will open an investigation for the package. Our success is grounded in hard work and rigorous analysis. }); Depending on how the holiday season pans out, FedEx Corp. and UPS Inc. will get close to $200 billion in combined annual revenue by the time they finish their reporting years: UPS on Dec. 31 and FedExs the following May 31. googletag.enableServices(); The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. . Will Manuel joined American Securities in 2016. However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYS IN ANY FORM OR MANNER WHATSOEVER.Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moodys Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. It will be the only pure-play national e-commerce solution . Copyright 2023, All Rights Reserved, FreightWaves, Inc, Duffy named to run LaserShip/OnTrac as Holifield steps down. It is today as near to having a national footprint as any company still classified as a regional delivery carrier. googletag.cmd.push(function() { Industrial Technology 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. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. There has been industry talk for several years about regional carriers joining forces to stitch together a national network and seriously challenge UPS and FedEx. Last-mile delivery reaching over 140M people in the U.S.! The sale is expected to close near the end of the month with a tentative date of October 25, 2021. It will be the only pure-play national e-commerce solution . Mike Duffy is a seasoned distribution, supply chain and retail executive with over 25 years of experience, including as Chairman of the Board VIENNA, Va. (PRWEB) February 28, 2023 LaserShip/OnTrac . 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. }); Duffys background at FleetPride and elsewhere extraordinarily prepares him to succeed in his new role, Martinez said. }); googletag.cmd.push(function() { Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. Duffy joined LaserShip/OnTracs board last May. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[468, 60], [728, 90], [300, 100], [320, 50]], 'div-gpt-ad-1665767472470-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); It does offer LaserShip flexibility to scale operations, dependent on its ability to attract and maintain independent contractors as volumes increase. That may be true up to a point. One of those is . OnTrac was founded in 1991 and has become a top choice for e-commerce and companies looking to speed up parcel distribution without the additional costs associated with national carriers. VIENNA, Va. (PRWEB) February 28, 2023 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 Mike Duffy as the company's new Chief Executive Officer, effective immediately.Mr. 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. 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. Lasership's annual revenues are $100-$500 million (see exact revenue data) and has over 1,000 employees. 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. But the idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer relationships. Last year became a before and after moment for parcel delivery. Many FedEx and UPS contracts include exclusivity and early termination language, and carrier discounts and rebates are based on volume and continued exclusive use, according to Martinez. 1912 Woodford Road. LaserShip Chief Commercial Officer Josh Dinneen told the Wall Street Journal that the combined company's 100+ sorting and delivery hubs in 30 states and the . In a news release, the companies said the two will form "a leading national network and solution" for shippers. , 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. Satish Jindel, president of Shipmatrix, said the LaserShip/OnTrac deal proved there is money to be made in B2C delivery, running counter to the duopolys growing focus on shifting the mix toward more profitable B2B shipments. VIENNA, Va., Feb. 28, 2023 /PRNewswire-PRWeb/ -- LaserShip/OnTrac, the largest regional e-commerce parcel carrier in the U.S. and leader in e-commerce last-mile delivery, today announced the . Our 25-year fund life allows us to focus on the long-term best interest of companies. The combined company will bring together two complementary operating footprints across the United States. About Greenbriar Equity Group About American Securities American Securities and its affiliates have more than $25 billion under management. Moody's expects LaserShip to generate positive free cash flow of about 3% of total adjusted debt in 2022. However, one of the sources said it's likely that they will be filled in some way and that a national network will emerge. One immediate advantage gained, Skiver said, was added linehaul capability for OnTrac, which currently relies on large shippers to bring volume into its network. . The revolver will be subject to a springing net leverage covenant (ratio to be determined), tested if borrowings exceed 35% of the revolver commitment. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. The goal of acquisition is to expand regional last-mile delivery to reach more customers. 10-35%. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. American Securities Announces Agreement to Sell Milk Specialties Global. Will Manuel, chairman of the LaserShip/OnTrac board and managing director of American Securities, said in a statement. for questions regarding your package. This allowed the carriers to deliver more packages within specific time windows, and at attractive rates and fewer delivery surcharges. If you can't read this PDF, you can view its text here. Its the next chapter in our steadfast commitment to the On-Time for Less promise we make to our shippers with every package, every day.. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. . 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. The company's integrated regional parcel network offers customers a unique solution for next day and two-day parcel service across more . American Securities and its affiliates have more than $25 billion under management. Solomon began his journalistic career in 1982 at Traffic World magazine, ran his own public relations firm (Media Based Solutions) from 1994 to 2008, and has been at DC Velocity since then. 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