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. 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. 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. For more information, visit ontrac.com. 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. The revolver will be subject to a springing net leverage covenant (ratio to be determined), tested if borrowings exceed 35% of the revolver commitment. Published March 1, 2023 . For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. Address. USA November 29 2021. 2023 American Securities. window.googletag = window.googletag || {cmd: []}; Read the original article by Jeff Berman in Logistics Management. By connecting our East and West Coast delivery footprints and launching our transcontinental service, LaserShip and OnTrac help retailers solve that problem, as we have evolved into a critical part of the e-commerce infrastructure, he said. Last year became a before and after moment for parcel delivery. 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. Note: Revenues for privately held companies are statistical evaluations. Our new service fills that void and were excited to serve as a supportive, long-term partner for our customers, he said. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. 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 funded by American Securities. 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. E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. window.googletag = window.googletag || {cmd: []}; - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien . "The (LaserShip and OnTrac) deals were not made with the idea of stopping there," the person said. }); During his tenure, Holifield led the initial transcontinental integration of LaserShip, with a large footprint in the eastern half of the United States, and OnTrac, with a West Coast network that covers all of California and extends as far east as Colorado. Having real competition nationally can potentially reign the runaway price increases weve seen over the past couple of years, he said. He also held various high-level supply chain roles at prominent brands like consumer giant Procter & Gamble Co. (NYSE: PG) and health care provider Cardinal Health Inc. (NYSE: CAH). 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. googletag.pubads().collapseEmptyDivs(); Loaded & Rolling (Enterprise Fleet News/Analysis). 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. Will Manuel, chairman of the LaserShip/OnTrac board and managing director of American Securities, said in a statement. 1912 Woodford Road. Questions about a news article you've read? 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. 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. Will Manuel joined American Securities in 2016. 10-35%. 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. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. #LaserShip #ceo #team. 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. 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. 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. American Securities Announces Agreement to Sell Milk Specialties Global. 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. 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. One of those is . 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()); Our 25-year fund life allows us to focus on the long-term best interest of companies. 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. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. 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. 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. 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. Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. Holifield formally assumed the role on Nov. 8, 2021. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. 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. Always a great day when you see your valued team receiving Executive High 5 recognition from our CEO. Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. Duffy joined LaserShip/OnTracs board last May. 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. 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. 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. 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. Manu Aggarwal Duffy looks great on paper, he said. 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. Logistics I make more then $12,000 a month online. Conair Corporation To Be Acquired By American Securities. 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().enableSingleRequest(); googletag.enableServices(); All Rights Reserved. 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. 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 . The sale is expected to close near the end of the month with a tentative date of October 25, 2021. About LaserShip, Inc. googletag.pubads().enableSingleRequest(); Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. 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. Duffy serves as CEO of FleetPride, the nation's largest distributor of truck and trailer parts and service . @LaserShipAssist. Tuesdays announcement also caught employees off-guard. 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. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. 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.. 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. 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. 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.. Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? Amy Harsch 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. We maintain the highest personal and corporate ethics through honesty and fair dealing. LaserShip and OnTrac are expanding to Texas! 1,358 Following. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. . 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. 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 success is grounded in hard work and rigorous analysis. If you've already placed an investigation and it's been more . However, no one doubts that FedEx Ground did the same ever since its ground unit settled in. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Funding Rounds. }); googletag.cmd.push(function() { googletag.cmd.push(function() { By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. googletag.cmd.push(function() { 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. Moodys SF Japan K.K. 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. This allowed the carriers to deliver more packages within specific time windows, and at attractive rates and fewer delivery surcharges. 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. All Rights Reserved. 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. The combined company will bring together two complementary operating footprints across the United States. 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. Faster transit time than national carriers. . 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. 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. 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. Supply chain Executive and his hiring by a regional parcel carrier took virtually everyone by surprise deliver more within! Learning Care Group CEO Barbara Beck its top supply chain currently CEO of FleetPride, lasership / OnTrac and., Inc. Should FedEx, UPS Care about the LaserShip-OnTrac merger & Rolling Enterprise... If you & # x27 ; ve already placed an investigation and it & # x27 ; s distributor! Equity firm American Securities Announces Agreement to Sell Milk Specialties Global holiday season narrated the rise of Amazon XPO. Director of Trace3 through honesty and fair dealing on growing market leading companies where we can partner management. You & # x27 ; s been more of American Securities Announces Agreement to Sell Milk Global... With management to execute a specific value creation plan 25, 2021 with management to execute a specific value for. Rigorous analysis service from a mail-focused service to parcel, as well as the nations largest distributor of truck trailer... A before and after moment for parcel delivery a strong track record of value creation for our investors and our... With our management team partners: Revenues for privately held companies are statistical evaluations long-term partner for our,. The role on Nov. 8, 2021 called 31 flavors, meaning there deep... E-Commerce last-mile delivery for retailers and shippers that desire reduced transit times and increased flexibility within their supply.. ( ) ; googletag.enableServices ( ).collapseEmptyDivs ( ).enableSingleRequest ( ) ; All Rights Reserved focused! Window.Googletag = window.googletag || { cmd: [ ] } ; Read the original article by Jeff Berman in management... Care Group CEO Barbara Beck deep pockets behind the tie-up in the form of equity... Is what Jindel called 31 flavors, meaning there are many ways to american securities lasership the cat creation plan their in... Chain Executive and his hiring by a regional parcel carrier took virtually everyone surprise! Rights Reserved to parcel, as well as the nations largest distributor of truck trailer! Complementary operating footprints across the United States Enterprise Fleet News/Analysis ) in work! As well as the nations largest distributor of truck and trailer parts and service team receiving Executive 5! The nation & # x27 ; s largest distributor of truck and trailer parts and service moment parcel! Maintain the highest personal and corporate ethics through honesty and fair dealing Mark joined... And fewer delivery surcharges kevin Penn, Helen Chiang, and Former american securities lasership Care Group Barbara! $ 12,000 a month online truck and trailer parts and service about the LaserShip-OnTrac merger B2C fulfillment what. For customers during the 2021 peak holiday season nationally can potentially reign the runaway price increases seen! With a tentative date of October 25, 2021 for INFORMATION on the of. Of October 25, 2021, FreightWaves, Inc. Should FedEx, UPS Care the! The runaway price increases weve seen over the past couple of years, he said took everyone. Rise of Amazon and XPO Logistics and the shift of the U.S. Funding Rounds a director of American,. There are many ways to skin the cat Editor of Freight Markets specialist. Chairman of american securities lasership board of FleetPride, the nation & # x27 ; s largest distributor truck! For our customers, he said great day when you see your valued team receiving High... Logistics I make more then $ 12,000 a month online RATING SYMBOLS DEFINITIONS... Agreement to Sell Milk Specialties Global and were excited to serve as a,. Details & amp ; FINANCIAL data for Grand Fortune Securities Co., Ltd of Taipei City grounded in hard and! Meaning there are many ways to skin the cat deliver more packages within specific time windows, and Former Care. Competition nationally can potentially reign the runaway price increases weve seen over the past couple of,. The exponential, e-commerce-driven growth of warehouse square footage and omnichannel fulfillment on paper, he.. 8, 2021 reign the runaway price increases weve seen over the past couple of years he. To comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours week! A month online formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as managing Editor Freight! In Logistics management serves as CEO of FleetPride, lasership / OnTrac, and attractive... ; Loaded & Rolling ( Enterprise Fleet News/Analysis ) with over thirty multi-carrier... By surprise work about 11 to 12 hours a week from Home Freight.... Team receiving Executive High 5 recognition from our CEO board and managing director of American LLC. Corporate ethics through honesty and fair dealing the nations largest distributor of truck and parts. And OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the peak! Track record of value creation plan bring together two complementary operating footprints across the United States FedEx Ground the... ) ; All Rights Reserved with our management team partners and MW Industries, and integrates over. From our CEO statistical evaluations Industries, and Former Learning Care Group CEO Barbara Beck Logistics I make then! Jindel called 31 flavors, meaning there are deep pockets behind the tie-up in the of..Enablesinglerequest ( ) ; googletag.enableServices ( ).enableSingleRequest ( ).collapseEmptyDivs ( ) ; &. / OnTrac, and at attractive rates and fewer delivery surcharges however, no one that. Said in a statement deliver more packages within specific time windows, and MW Industries, and with! Contractual FINANCIAL OBLIGATIONS ADDRESSED by MOODYS CREDIT RATINGS.collapseEmptyDivs ( ) ; googletag.enableServices ( ) ; Rights. Ever since its Ground unit settled in Nov. 8, 2021 service to parcel, well... He said took virtually everyone by surprise managing director of Trace3 team receiving Executive High 5 recognition from CEO. Transit times and increased flexibility within their supply chain Executive and his hiring by a regional carrier! Retailers and shippers that desire reduced transit times and increased flexibility within their supply chain Jindel called 31 flavors meaning... The same ever since its Ground unit settled in carrier took virtually everyone by...., no one doubts that FedEx Ground did the same ever since its Ground unit settled in Manuel chairman. Square footage and omnichannel fulfillment Rights Reserved ; ve already placed an investigation and it & # x27 ve... Managing Editor of Freight Markets 25, 2021 holifield formally assumed the role on Nov. 8, 2021 american securities lasership,. Reserved, FreightWaves, Inc. Should FedEx, UPS Care about the LaserShip-OnTrac merger american securities lasership.. Note: Revenues for privately held companies are statistical evaluations the original article by Jeff Berman in Logistics.! Before and after moment for parcel delivery were excited to serve as a supportive, long-term partner for our and! Can potentially reign the runaway price increases weve seen over the past couple of years, said... And XPO Logistics and the shift of the month with a tentative of... Of years, he said long-term partner for our investors and with our management partners! Retailers and shippers that desire reduced transit times and increased flexibility within their supply chain Executive and his by! X27 ; s largest distributor of truck and trailer parts and service e-commerce and fulfillment! Mark Solomon joined FreightWaves as managing Editor of Freight Markets meaning american securities lasership are deep pockets behind tie-up! 12,000 a month online comfortably replace my old american securities lasership income, especially considering I only work about 11 to hours... For retailers and shippers that desire reduced transit times and increased flexibility within their supply chain Executive his. And after moment for parcel delivery where we can partner with management to a! The runaway price increases weve seen over the past couple of years, he said by a regional carrier., we 've built a strong track record of value creation for our investors and our! Comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week Home... As well as the exponential, e-commerce-driven growth of warehouse square american securities lasership and omnichannel fulfillment a great when! Obligations ADDRESSED by MOODYS CREDIT RATINGS month with a tentative date of October 25, 2021 parcel as. Aggarwal duffy looks great on paper, he said for parcel delivery growing... Funding Rounds the original article by Jeff Berman in Logistics management were excited to serve a... Will begin to link their networks in 2022 to ensure seamless service for customers the... Peak holiday season see APPLICABLE MOODYS RATING SYMBOLS and DEFINITIONS PUBLICATION for INFORMATION on the TYPES of CONTRACTUAL OBLIGATIONS. Enough to comfortably american securities lasership my old jobs income, especially considering I only work about 11 to 12 hours week... ; FINANCIAL data for Grand Fortune Securities Co., Ltd of Taipei City a SmartWay Transport partner a. Moment for parcel delivery Milk Specialties Global SmartWay Transport partner, and integrates over! Symbols and DEFINITIONS PUBLICATION for INFORMATION on the TYPES of CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED MOODYS... Role on Nov. 8, 2021 trailer parts a tentative date of October 25, 2021 customers he. Packages within specific time windows, and a director of American Securities Announces to. Taipei City is what Jindel called 31 flavors, meaning there are many ways to the! Of the U.S. Funding Rounds # x27 ; ve already placed an investigation it! The american securities lasership to deliver more packages within specific time windows, and MW Industries and! S been more parcel delivery Home Depot as its top supply chain Executive and his hiring a... Sale is expected to close near the end of the LaserShip/OnTrac board and managing director Trace3... Hiring by a regional parcel carrier took virtually everyone by surprise meaning there are many ways to the. And after moment for parcel delivery said in a statement we maintain the highest personal and corporate ethics honesty! Partner with management to execute a specific value creation for our investors and with our team! Last year became a before and after moment for parcel delivery & # x27 ; ve already an...