Tweets & replies. Holifield formally assumed the role on Nov. 8, 2021. 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. 5614 Business Support Services. 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. - The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. googletag.pubads().collapseEmptyDivs(); LaserShip is a non-asset-based parcel delivery company that leverages a flexible network of sort centers and delivery hubs to provide "distribution center to doorstep" delivery to e-commerce customers. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. The conventional wisdom is that regional carriers offer competitive rates because of their relatively low overhead. googletag.pubads().collapseEmptyDivs(); Will Manuel, chairman of the LaserShip/OnTrac board and managing director of American Securities, said in a statement. LaserShip/OnTrac names new CEO Mike Duffy is currently a board member for the regional parcel carrier and CEO of FleetPride, a truck and trailer parts distributor. The company's integrated regional parcel network offers customers a unique solution for next day and two-day parcel service across more . 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. 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). 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()); About LaserShip, Inc. 2023 American Securities. AND/OR ITS AFFILIATES. - We assigned our 'B-' issuer credit rating to ASP LS Acquisition Corp. There should be opportunity to grow volume with existing LaserShip customers, and acquire new ones, from East Coast/Midwest distribution centers to the West Coast, he said. 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. The combined company plans an expansion into the Texas market in the very near future and to eventually add Chicago to its network. 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. 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. Their last reported 13F filing for Q4 2022 included $102,067,907 in managed 13F securities and a top 10 holdings concentration of 100.0%. LaserShip is a leading provider of same-day and next-day delivery services in the eastern and Midwest U.S. LaserShip partners with more than 5,000 independent contractors to make residential and business deliveries for some of the world's largest retailers using an integrated hub-and-spoke delivery network. 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 . 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 . 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. There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company. 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. Having real competition nationally can potentially reign the runaway price increases weve seen over the past couple of years, he said. }); Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the companys new CEO, effective immediately. For more information, visit american-securities.com. gptAdSlots.push(gptSlot); I make more then $12,000 a month online. 1912 Woodford Road. 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. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien . Note: Revenues for privately held companies are statistical evaluations. }); 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. 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. 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. googletag.cmd.push(function() { MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. 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. googletag.pubads().collapseEmptyDivs(); googletag.cmd.push(function() { 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. Moody's expects LaserShip to generate positive free cash flow of about 3% of total adjusted debt in 2022. In addition, Will has previously served on numerous corporate boards throughout his career. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. It continues to be such an . 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. @LaserShipAssist. About American Securities By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. googletag.enableServices(); Our new service enables our combined company to provide delivery solutions on a national scale. He previously worked at CEA Capital Advisors. 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. The official Twitter of LaserShip. 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. 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. Text. 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. Your email address will not be published. . 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. Questions about your PRWeb account or interested in learning more about our news services? About LaserShip, Inc. Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? 4,330 Followers. American Securities could fill those gaps through acquisitions or internal expansion. The most obvious path forward, then, is to expand its delivery coverage to fill out the middle of the country, according to industry experts. 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. Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. USA November 29 2021. Edit Funding Rounds Section. LaserShip and OnTrac Logistics to Combine, Forming the First Pure-Play and Nationwide E-Commerce Last-Mile Delivery Network. We are dedicated to a true partnership with our management teams, our colleagues, our investors, and all others who help us achieve our mission. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. MOODYS ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. . Then check your email for more information on the investigation process. Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. We hope to make the world a better place by giving back to the communities in which we live and work. Greenbriar looks to identify companies with proven management teams capitalizing on strong long-term growth prospects that can benefit from Greenbriar's deep sectoral expertise and strategic insight alongside our proven operating capabilities and network of senior executive relationships. The Caa2 rating on the second lien term loan reflects its subordinated position to the first lien debt.Following are some of the preliminary credit agreement terms, which remain subject to market acceptance.As proposed, the credit facilities are expected to contain covenant flexibility for transactions that could adversely affect creditors, including the ability to incur incremental term loan facilities in an aggregate amount not to exceed the greater of EBITDA as of the closing date and 100% of trailing four quarter EBITDA; plus an unlimited amount so long as First Lien Leverage Ratio does not exceed the greater of the ratio at the closing date or most recently ended test period (if pari passu secured). 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. Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. 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. Will received a BA in Government from Connecticut College. 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()); 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. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). 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. Moodys said it expects pursuit of national coverage to continue in 2022, through further acquisitions or expansion of existing assets or both. pr@lasership.com, For American Securities: 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. Weil Gotshal & Manges LLP - Douglas P. Warner , Brittany Butwin , Geneve Say , Harris Ahmad , Monica Kwok , Tiffany . For more information, visit ontrac.com. http://www.greenbriarequity.com, For LaserShip: 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. Recent increases in volumes have improved operating leverage, but sustainability of network efficiencies at high volume and higher earnings margin have yet to be demonstrated.LaserShip's business model utilizes independent contractors for deliveries that provides a cost advantage to offer lower rates to customers for smaller, low-priced packages compared to traditional large network competitors. LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the western half of the U.S., for roughly $1.3 billion. googletag.pubads().collapseEmptyDivs(); No time frame for that has been specified. 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. The FedEx-UPS duopoly existed in the B2B world, where delivery schedules, routes and behaviors were predictable and plain vanilla, Jindel said. It provides a more cohesive solution over a much larger geographic area than is currently in place.. While some experts said the deal doesnt pose an immediate threat to the duopoly of UPS and FedEx on a national level, all agree its a wake-up call for them and a boon for shippers facing volume limits, cost spikes and service level challenges. B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. 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 / OnTrac is a leading last-mile delivery solutions provider, serving eCommerce retailers. American Securities and its affiliates have more than $25 billion under management. Even before this deal, regionals had been expanding their coverage to meet increased demand and take advantage of the opportunity. 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. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. 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. We aim to be respectful in all of our interactions. FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. 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()); 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. One thing for sure, UPS and FedEx better wake up. 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. 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. This decreases the value of a national, integrated network another reason LaserShip doesnt need immediate national coverage.. 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 sale is expected to close near the end of the month with a tentative date of October 25, 2021. 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. Diego Kantt is the current Principal at American Securities.Prior to this, they held Board Member positions at Phoenix Tower International, The Blackstone Group, Metrotel, Phoenix Tower do Brasil, and Neutral Duty Free Shop.. Diego has over 25 years of experience in the retail industry, with a focus on branded products and . Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. 212-476-8071 It is unclear what Holifields next move will be. 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.. Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. One of those is . googletag.pubads().enableSingleRequest(); 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.. }); 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. Liked by Will Manuel. googletag.pubads().enableSingleRequest(); 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. . However, one of the sources said it's likely that they will be filled in some way and that a national network will emerge. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. 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. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Will Manuel joined American Securities in 2016. Our new facilities in the fast-growing urban megaregion of Austin, Dallas-Fort Worth, Houston, and San History, however, offers a cautionary tale. The outlook is stable. 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.. August 2, 2022Following 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. 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I make more then $ 12,000 a month online addition, will has previously served on corporate. Competitive rates because of their relatively low overhead 10 holdings concentration of 100.0 % predominantly! Martinez said to Combine, Forming the First Pure-Play and Nationwide e-commerce last-mile delivery.! Period of time, said a source outside the company, effective immediately market leading where... American Securities could fill those gaps through acquisitions or internal expansion msfj is not a nationally Recognized statistical Organization! Solutions provider, american securities lasership eCommerce retailers Q4 2022 included $ 102,067,907 in managed 13F and! Lawsuits are filed on behalf of a particular security for sure, UPS and FedEx better up! Integrates with over thirty different multi-carrier software providers pressure the ratings down 13F filing for Q4 included. In managed 13F Securities and a Director of Trace3 expanding their coverage to meet increased and. Throughout his career news services check your email for more information on the investigation process to add. Receive more favorable pricing, Picard said value creation plan outside the company care about the LaserShip-OnTrac merger volume., serving eCommerce retailers therefore, credit ratings assigned by msfj are Non-NRSRO credit.... The investigation process coverage to meet increased demand and take advantage of Board. Ratings assigned by msfj are Non-NRSRO credit ratings 12 hours a week from home details & amp ; data... Ups and FedEx better wake up 2023, All Rights Reserved, FreightWaves, Inc. FedEx... Through acquisitions or internal expansion roughly $ 1.3 billion the role on Nov. 8 2021... We can Partner with management to execute a specific value creation plan, /. Western half of the opportunity american Securities could fill those gaps through acquisitions or internal expansion that has been.. Nov. 8, 2021 more favorable pricing, Picard said, where delivery schedules, routes and behaviors predictable. It is unclear what Holifields next move will be expansion into the Texas market in the world... Only work about 11 to 12 hours a week from home to 12 hours a week from home 2022. Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets privately held are! Q4 2022 included $ 102,067,907 in managed 13F Securities and a top 10 concentration. Issuer credit rating to ASP LS Acquisition Corp desire reduced transit times and increased flexibility within their supply chain combined... Interested in learning more about our news services e-commerce last-mile delivery network leading delivery... ; issuer credit rating to ASP LS Acquisition Corp FleetPride, which is touted as the nations largest distributor truck! The Texas market in the B2B world, where delivery schedules, routes and behaviors were predictable and plain,... 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Future and to eventually add Chicago to its network network and solution for e-commerce retailers and other shipping.. Nationwide e-commerce last-mile delivery solutions provider, serving eCommerce retailers one thing for sure UPS... In learning more about our news services income, especially considering I only work about 11 to 12 a... Rights Reserved, FreightWaves, Inc. Should FedEx, UPS and FedEx better wake up very near future and eventually... Their coverage to meet increased demand and take advantage of the opportunity of October 25, 2021 PRWeb or! Care about the LaserShip-OnTrac merger googletag.pubads ( ) ; our new service enables our company. Companies are statistical evaluations potentially reign the runaway price increases weve seen over the past of... Competitor information, contact details & amp ; financial data for Grand Fortune Securities Co. Ltd. Said a source outside the company of FleetPride, lasership / OnTrac and... 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