For more information, visit american-securities.com. 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 taking a major next step in the process. Questions about a news article you've read? 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. 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. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. LaserShip exhibits seasonality with its cash flows due to working capital swings. Your email address will not be published. Its also great for the industry in general and it is exciting to see significant investment continue to pour into the logistics and delivery space.. 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. The goal of acquisition is to expand regional last-mile delivery to reach more customers. VIENNA, Va. and CHANDLER, Ariz. (PRWEB) LaserShip and OnTrac Logistics to Combine, Forming the First Pure-Play and Nationwide E-Commerce Last-Mile Delivery Network. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million revolver expiring 2026 and a $675 million term loan due 2028, and a Caa2 rating to the proposed $205 million second-lien term loan due 2029. window.googletag = window.googletag || {cmd: []}; LaserShip's cash flows vary due to seasonal working capital swings. Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. Amy Harsch FreightWaves has requested an interview with Duffy. About 26% said they increased their use of regional carriers in 2018, though nearly half said they would engage more frequently during 2019. }); 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. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Robert Jankowitz MD - Corporate Finance Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. Rob Martinez, founder and co-CEO of consultancy Shipware LLC, said he was surprised by the announcement. 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. Get the latest business insights from Dun & Bradstreet. 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.. I was amazed how easy it was after I tried itGOOD LUCK.. 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. 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. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. Last-mile delivery reaching over 140M people in the U.S.! 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. FedEx and UPS, if need be, will sow shipper doubt about diverting volumes to the merged entity, citing inferior technology and the lack of a bona fide national network that can scale to meet shippers multiple needs. The survey found that 74% were not using regional carriers, and just 7% were engaged with them in a significant way. It will be the only pure-play national e-commerce solution in last-mile parcel delivery and will enhance customers ability to meet growing demand in the consumer delivery market. . 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 . Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. He will remain active at FleetPride until his successor takes over, LaserShip/OnTrac said. About OnTrac Logistics, Inc. It provides a more cohesive solution over a much larger geographic area than is currently in place.. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. googletag.pubads().enableSingleRequest(); googletag.enableServices(); googletag.cmd.push(function() { . 1912 Woodford Road. - We assigned our 'B-' issuer credit rating to ASP LS Acquisition Corp. Even before this deal, regionals had been expanding their coverage to meet increased demand and take advantage of the opportunity. The Company offers pickup and delivery of letters, small packages, and documents. We maintain the highest personal and corporate ethics through honesty and fair dealing. vCard. Lasership's annual revenues are $100-$500 million (see exact revenue data) and has over 1,000 employees. The dot-com boom of the late 1990s eventually pushed the Vienna, Virginia-based concern into the parcel-delivery world. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. It is today as near to having a national footprint as any company still classified as a regional delivery carrier. Picard said, however, that the regionals actually dont serve all ZIP codes in their territories, and instead cherry-pick those ZIPs with strong volume density and short transit times. No time frame for that has been specified. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. Will received a BA in Government from Connecticut College. Acquisition activity may be muted over the course of 2021 as LaserShip delivers volume growth through its existing network, but the company could look to expand geographically through acquisitions.The stable outlook reflects Moody's expectation for LaserShip to generate earnings growth on substantially higher delivery revenues to maintain debt/EBITDA below 6.5x and generate positive free cash flow.The B2 rating on the first lien senior secured credit facilities, one notch above the company's B3 CFR, takes into account this debt's priority position in the company's liability structure ahead of the second lien term loan, which provides first-loss absorption in the event of a default. Edit Funding Rounds Section. American Securities and its affiliates have more than $25 billion under management. 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. It will be the only pure-play national e-commerce solution in last-mile parcel delivery and will enhance customers ability to meet growing demand in the consumer delivery market. Then check your email for more information on the investigation process. 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. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. Logistics Prior to joining American Securities, Will was a Senior Managing Director at . 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. The most obvious path forward, then, is to expand its delivery coverage to fill out the middle of the country, according to industry experts. 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. E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. Read the original article by Jeff Berman in Logistics Management. Faster transit time than national carriers. There is no explicit protective language limiting such releases.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSThe ratings could be upgraded if LaserShip demonstrates improving and sustainable operating leverage as delivery volumes increase, such that EBITDA margins are maintained in at least the mid-teens range and debt/EBITDA decreases toward 5x. There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. About Greenbriar Equity Group "I . NEW YORK and STAMFORD, Conn., March 12, 2021 /PRNewswire/ -- Conair Corporation, a global leader in premium kitchen electric appliances . 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. 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. LaserShip and OnTrac are expanding to Texas! JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 2021 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. +1 (212) 310-8239. nicole.chen@weil.com. googletag.enableServices(); . At FleetPride, Duffy has overseen over 25 acquisitions. 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. Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. . It is unclear what Holifields next move will be. 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. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 4,330 Followers. Oct. 22, 2021 12:05 pm ET. 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. 1.9 Days. 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 . Our new service fills that void and were excited to serve as a supportive, long-term partner for our customers, he said. Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. If [LaserShip/OnTrac] doubled in volume capacity which they cant for a very long time theyre still insignificant compared to the behemoths, said Rob Martinez, Shipwares founder and co-CEO. It continues to be such an . MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. It will be the only pure-play national e-commerce solution . Liked by Will Manuel. Two-plus decades of share erosion in its core business have taught UPS not to repeat that behavior if and when a new model walks on the field, Jindel said. We are committed to fostering an inclusive environment that promotes and values diversity. Amazon has taken significant share from UPS since it launched its delivery network seven years ago. Nicole Chen is an associate in Weil's Private Equity practice and is based in New York. Founded in 1986, LaserShip has evolved into the leading provider of same-day and next-day delivery services in the Eastern and Midwest U.S. for premier e-commerce and product supply businesses, including five of the largest retailers in the U.S. For more information, visit LaserShip.com. October 11, 2021 Having real competition nationally can potentially reign the runaway price increases weve seen over the past couple of years, he said. googletag.pubads().enableSingleRequest(); 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. Will began his career at Chase Securities in the Mergers & Acquisitions group. googletag.pubads().collapseEmptyDivs(); 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()); Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC. About LaserShip, Inc. With OnTrac, we will use our combined best practices and scale to support customer growth and provide excellent opportunities for our associates., As our customers grow, so do their shipping needs, said Robert E. Humphrey, Jr., Chairman and CEO of OnTrac. LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the western half of the U.S., for roughly $1.3 billion. 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()); There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. American Securities's largest holding is Blue Bird Corp with . In Private Equity. 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. 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. Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. (2 minutes) Last-mile delivery specialist LaserShip Inc. on Friday said it named Mark Holifield chief executive, poaching the veteran supply . googletag.enableServices(); He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. 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. 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). Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. 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. LaserShip is the leader in e-commerce last-mile delivery for retailers and shippers that desire reduced transit times and increased flexibility within their supply chain. Any impact of the LaserShip-OnTrac combination on UPS and FedEx is a story that has years to play out. Vienna, VA lasership.com Joined April 2009. 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. googletag.enableServices(); The transaction . American Securities and Greenbriar-backed LaserShip to merge with OnTrac Logistics in a $1.3bn deal. Copyright 2023, All Rights Reserved, FreightWaves, Inc, Duffy named to run LaserShip/OnTrac as Holifield steps down. Fast-growing parcel carrier LaserShip Inc. agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $1.3 billion deal . We aim to be respectful in all of our interactions. 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. gptAdSlots.push(gptSlot); 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. Further, any regulatory changes that negatively impact LaserShip's operating model could also lower the rating. 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. Associate New York. LTD. TAIPEI BRANCH of Taipei City. Nicole Chen. "The (LaserShip and OnTrac) deals were not made with the idea of stopping there," the person said. He previously worked at CEA Capital Advisors. All Rights Reserved. About American Securities LLC. Moodys said it expects pursuit of national coverage to continue in 2022, through further acquisitions or expansion of existing assets or both. LaserShip is part of a portfolio within American Securities and Greenbriar and said that both companies will provide additional equity financing and continued strategic support for the combined company. 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. }); Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the companys new CEO, effective immediately. 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. All Rights Reserved. But the idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer relationships. for questions regarding your package. Our new service enables our combined company to provide delivery solutions on a national scale. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. One immediate advantage gained, Skiver said, was added linehaul capability for OnTrac, which currently relies on large shippers to bring volume into its network. 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. googletag.enableServices(); By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. American Securities is the famous VC, which was founded in 1994. I make more then $12,000 a month online. HERE http://www.workssilver.com. American Securities and its affiliates have more than $25 billion under management. One of those is . 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. window.googletag = window.googletag || {cmd: []}; googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); October 13, 2021. However, one of the sources said it's likely that they will be filled in some way and that a national network will emerge. FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. Funding Rounds. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. Will Manuel joined American Securities in 2016. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. googletag.cmd.push(function() { }); googletag.cmd.push(function() { That didnt appear to be the case pre-pandemic. 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. }); By 2020, UPS share of the total ground delivery market had fallen to 35%, according to SJ data. 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. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. googletag.cmd.push(function() { The company's independent contractor model also exposes LaserShip to potential shifts in the regulatory environment in regards to classifying independent contractors that could negatively impact its business. E-Commerce solution Inc. in an approximately $ 1.3 billion deal considering i work! S largest holding is Blue Bird Corp with of acquisition is to regional... 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