We support existing CEOs and management teams throughout our partnership, resulting in low leadership turnover. googletag.pubads().collapseEmptyDivs(); 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. Will began his career at Chase Securities in the Mergers & Acquisitions group. One thing for sure, UPS and FedEx better wake up. Before joining, he was CEO of C&S Wholesale Grocers, the nations largest wholesale grocery distributor and 11th largest privately held company based on revenue. The transaction is expected to close in Q4, subject to customary closing conditions. A same-day delivery done by FedEx could cost Amazon $50, according to Kevin Porter, who has worked for LaserShip, FedEx, and UPS as a courier. 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. In a statement, Will Manuel, chairman of the board and head of private equity fund American Securities, said he was grateful for Holifield's "valuable contributions" during an important . 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. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { We do our best to solve any issues and answer your questions in the shortest possible time frames but some delays are possible. LaserShip's proven, industry-leading last-mile delivery platform will help you acquire and retain customers with faster delivery while building capacity and flexibility within your supply chain. googletag.pubads().enableSingleRequest(); 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 equity firms have signalled that they will provide additional financing and strategic support for the LaserShip-OnTrac venture. LaserShip, Inc., the largest regional e-commerce parcel carrier in the U.S. and leader in last-mile delivery operating primarily in the eastern United States, and OnTrac Logistics, Inc., a leading e-commerce parcel logistics company operating primarily in the western United States, announced today that they have entered into a definitive agreement to merge. 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. About. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moodys Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYS affiliate, Moodys Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). Our new facilities in the fast-growing urban megaregion of Austin, Dallas-Fort Worth, Houston, and San The leading representative office of defined VC is situated in the New York. They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. LaserShip has raised 1 round. The lawsuits allege that a company or individual violated securities laws and are brought on behalf of the class. 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. googletag.cmd.push(function() { He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. 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. We hope to make the world a better place by giving back to the communities in which we live and work. When the merger was initially announced, LaserShip and OnTrac said they would form the only pure-play national e-commerce solution in last-mile parcel delivery and enhance customers ability to meet growing demand in the consumer delivery market. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . 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. We are committed to fostering an inclusive environment that promotes and values diversity. Weil Gotshal & Manges LLP - Douglas P. Warner , Brittany Butwin , Geneve Say , Harris Ahmad , Monica Kwok , Tiffany . (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. This will open an investigation for the package. 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.. googletag.pubads().enableSingleRequest(); 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. The term loan is not expected to have any financial maintenance covenants.In terms of corporate governance, Moody's expects LaserShip's financial policy to be relatively aggressive given its new private equity ownership. googletag.pubads().collapseEmptyDivs(); Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. Edit Funding Rounds Section. "We are pleased to welcome Mark as CEO of LaserShip," said Will Manuel, Chairman of the Board of LaserShip and a Managing Director of American Securities. 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. 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 . Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? 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. We maintain the highest personal and corporate ethics through honesty and fair dealing. 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. Loaded & Rolling (Enterprise Fleet News/Analysis). Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC. 5614 Business Support Services. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. About OnTrac Logistics, Inc. Funding Rounds. - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien . 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. The combined company will bring together two complementary operating footprints across the United States. }); By 2020, UPS share of the total ground delivery market had fallen to 35%, according to SJ data. 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. googletag.enableServices(); . Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. Nicole Chen. }); googletag.cmd.push(function() { Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. 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 and/or $50 million to $200 million of EBITDA. 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. }); googletag.cmd.push(function() { Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. 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 rating outlook is stable.Proceeds from the first and second lien term loans along with cash equity will be used to finance the purchase of a majority stake of LaserShip by the private equity firm American Securities LLC.The following rating actions were taken:Assignments:..Issuer: ASP LS Acquisition Corp.. Corporate Family Rating, Assigned B3. Probability of Default Rating, Assigned B3-PD.Senior Secured 1st Lien Revolving Credit Facility, Assigned B2 (LGD3).Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3).Senior Secured 2nd Lien Term Loan, Assigned Caa2 (LGD5)Outlook Actions:..Issuer: ASP LS Acquisition Corp..Outlook, Assigned StableRATINGS RATIONALELaserShip's ratings reflect the company's modest scale in the highly competitive e-commerce residential delivery space, relatively limited track record operating at high delivery volumes and elevated financial leverage. 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. So Amazon sources cheaper options. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. 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. AND/OR ITS AFFILIATES. Listen to article. 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. 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. Rob Martinez, founder and co-CEO of consultancy Shipware LLC, said he was surprised by the announcement. Any impact of the LaserShip-OnTrac combination on UPS and FedEx is a story that has years to play out. 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. Questions about your PRWeb account or interested in learning more about our news services? This was a Private Equity round raised on May 1, 2021. The survey found that 74% were not using regional carriers, and just 7% were engaged with them in a significant way. Moodys SF Japan K.K. . googletag.pubads().collapseEmptyDivs(); gptAdSlots.push(gptSlot); 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. 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. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. About LaserShip, Inc. LaserShip exhibits seasonality with its cash flows due to working capital swings. 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. 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. Founded in 1986, LaserShip is based in Vienna, Virginia and has sorting centers in New Jersey, Ohio, North Carolina, and Florida.. As of 2016, LaserShip has 63 distribution centers and four sorting centers servicing 22 states and Washington, D.C., and handles deliveries for Amazon's Same Day . 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. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . 1,358 Following. Using the relatively small RPS as a springboard, FedEx built a formidable U.S. ground-delivery unit, which became known as FedEx Ground, to challenge UPS. LaserShip is funded by American Securities. googletag.pubads().collapseEmptyDivs(); In Private Equity. googletag.enableServices(); 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.. 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()); googletag.pubads().enableSingleRequest(); We are at the beginning of a shift in package delivery, where local and regional volume will continue to grow as a percentage of total, with inventory moving closer to demand, Skiver shared in a LinkedIn post. One of those is . SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. History, however, offers a cautionary tale. 212-476-8071 We enjoy our work and the relationships that come from it. September 8, 2022 American Securities Acquires Meridian Adhesives Group from Arsenal Capital Partners. For more information, visit american-securities.com. Media. 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. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. 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()); About LaserShip, Inc. FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. No time frame for that has been specified. 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 . googletag.pubads().collapseEmptyDivs(); American Securities's largest holding is Blue Bird Corp with . About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. Its throwing the baby out with the bath water, Jindel said. American Securities and its affiliates have more than $25 billion under management. Logistics I was amazed how easy it was after I tried itGOOD LUCK.. Copyright 1997-2015, Vocus PRW Holdings, LLC. Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. LaserShip's $1.3-billion deal for OnTrac gives it delivery coverage on both U.S. coasts. This allowed the carriers to deliver more packages within specific time windows, and at attractive rates and fewer delivery surcharges. 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. 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And they received no cost benefits over what they paid UPS and FedEx resulting in low leadership turnover the! Moodys credit RATINGS formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Editor! Ups care about the LaserShip-OnTrac combination on UPS and FedEx and at attractive rates and fewer delivery surcharges play.. Have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new back the... Information on the TYPES of CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED by MOODYS credit RATINGS flavors, meaning there many.