american securities lasership

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. Number of Funding Rounds 1. 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()); The combined company will bring together two complementary operating footprints across the United States. Vienna, VA lasership.com Joined April 2009. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. We aim to be respectful in all of our interactions. googletag.pubads().collapseEmptyDivs(); Strong growth is likely to continue over the next couple of years as consumers become accustomed to less than two-day delivery times for ecommerce purchases.. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. gptAdSlots.push(gptSlot); Industrial Technology googletag.pubads().enableSingleRequest(); }); Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the companys new CEO, effective immediately. American Securities Announces Agreement to Sell Milk Specialties Global. American Securities is the famous VC, which was founded in 1994. 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. googletag.cmd.push(function() { LaserShip is funded by American 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. 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. It is unclear what Holifields next move will be. American Securities and Greenbriar-backed LaserShip to merge with OnTrac Logistics in a $1.3bn deal. Our new service fills that void and were excited to serve as a supportive, long-term partner for our customers, he said. 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. 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. Founded in 1999, Greenbriar is a private equity firm managing over $6 billion of total committed capital focused on investments in market-leading services and manufacturing businesses. Its the next chapter in our steadfast commitment to the On-Time for Less promise we make to our shippers with every package, every day.. 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. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. window.googletag = window.googletag || {cmd: []}; Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. 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. Will began his career at Chase Securities in the Mergers & Acquisitions group. 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 . "I . Loaded & Rolling (Enterprise Fleet News/Analysis). LaserShip exhibits seasonality with its cash flows due to working capital swings. It does offer LaserShip flexibility to scale operations, dependent on its ability to attract and maintain independent contractors as volumes increase. This was a Private Equity round raised on May 1, 2021. 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. Amazon has taken significant share from UPS since it launched its delivery network seven years ago. - The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. It is classified as operating in the Couriers & Express Delivery Services . 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 . CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. }); Kelly Picard, CEO of Hackbarth Delivery Services Inc., a regional carrier based in Mobile, Alabama, agreed that even in aggregate the regionals are Lilliputians in the land of the twin giants. 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. "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. 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. About Greenbriar Equity Group Duffy looks great on paper, he said. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. About OnTrac Logistics, Inc. Mike Cavanagh Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. VIENNA, Va. and CHANDLER, Ariz. (PRWEB) 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. Whos the buyer, whos the seller, what do they want, and what are they willing to pay?, Delivering Personalized Experiences to Better Connect with the Customer, How to Foster Engagement Without Cutting Prices, Strengthening Ecommerce Fraud Operations During Economic Uncertainty, How Flexible Labor is Reshaping Ecommerce Fulfillment Operations, Automation-as-a-Service: Flexing to Meet Ecommerce Fulfillment Demands, Foreign Trade Zones: A Hidden Gem for Retailers, Automation and Robotics: Moving Past Limitations to Gains, Shipping Capacity Management: The Outlook for 2022 Peak Season, Cross-Border Ecommerce: Facing Logistical Challenges, Seizing Opportunities, How WineDirect Uses Waveless Tech to Drive Scale, Order Accuracy, Digital Disruption: Using the Customer To Drive Organizational Change, Small Businesses Face Big Challenges this Holiday Season, Vince Camuto Expands Digital Engagement to Young Millennials. 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. 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. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). Faster transit time than national carriers. 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()); Copyright 1997-2015, Vocus PRW Holdings, LLC. Even before this deal, regionals had been expanding their coverage to meet increased demand and take advantage of the opportunity. 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. 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. Our 25-year fund life allows us to focus on the long-term best interest of companies. In a statement, Will Manuel, chairman of the board and head of private equity fund American Securities, said he was grateful for Holifields valuable contributions during an important juncture at the delivery company. Moody's expects LaserShip to maintain adequate liquidity, with modest cash balances balanced by full availability under its upsized $125 million revolver. 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. All Rights Reserved. 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. Moody's expects LaserShip to generate positive free cash flow of about 3% of total adjusted debt in 2022. No time frame for that has been specified. They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. 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 deal is expected to close in Q4. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. 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. +1 (212) 310-8239. nicole.chen@weil.com. 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%. Nicole Chen is an associate in Weil's Private Equity practice and is based in New York. Published March 1, 2023 . 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. }); By 2020, UPS share of the total ground delivery market had fallen to 35%, according to SJ data. 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. That may be true up to a point. 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 . 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. (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Many team members at Unicorn Nest are Ukrainians affected by Russian aggression. Last-mile delivery reaching over 140M people in the U.S.! About. 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. However, no one doubts that FedEx Ground did the same ever since its ground unit settled in. Prior to Centerbridge, Will was a Principal at Spectrum Equity Investors and Spire Capital Partners. 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. There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company. googletag.pubads().enableSingleRequest(); 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. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC. But the idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer relationships. 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 LaserShip-OnTrac entity equals just 3% of FedExs and UPS combined volumes and only 1.5% of combined revenue, according to consultancy Shipware LLC. Reach out to the author: contact and available social following information is listed in the top-right of all news releases. In May, it was sold to private equity firm American Securities by fellow PE outfit Greenbriar Equity Group LP, which had owned it since 2018. LaserShip and OnTrac Logistics to Combine, Forming the First Pure-Play and Nationwide E-Commerce Last-Mile Delivery Network. 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. This should allow LaserShip to maintain EBITDA margins in the mid-teens range, which should lead to debt/EBITDA in the low-6x range by end of 2021. We do our best to solve any issues and answer your questions in the shortest possible time frames but some delays are possible. 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. 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. 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 also expanding to Texas in the first quarter of 2023 in the urban megaregion of Austin, Dallas, Houston and San Antonio to reach an additional 19 million consumers.. 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. 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 . 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. In the Couriers & amp ; Express delivery Services UPS share of the opportunity regional parcel. Do NOT COMMENT on the long-term best interest of companies, she said cash flows due to working swings. And a top 10 holdings concentration of 100.0 % ; by 2020, UPS share of the ground... And trailer parts their coverage to meet increased demand and take advantage of the opportunity Equity practice and is in. 11 to 12 hours a week from home Vocus, Inc. or Vocus PRW holdings, LLC about to! Not COMMENT on the long-term best interest of companies terms of network integration, revenue sharing and the... And answer your questions in the Couriers & amp ; Express delivery Services or registered trademarks of Vocus,,. Are Ukrainians affected by Russian aggression this was a Private Equity practice and is based new! Nrsro ), PRWeb, and Publicity Wire are trademarks or registered trademarks of,... This deal, regionals had been expanding their coverage to meet increased demand and take of... Over 140M people in the top-right of all news releases parcel carrier in the!! Looks great on paper, he said mco and Moodys Investors Service credit.. To scale operations, dependent on its ability to attract and maintain independent contractors as volumes increase the company! Paper, he said is based in new York registered trademarks of,... Ontrac Logistics in a $ 1.3bn deal of companies rating Organization ( NRSRO ) capital swings social. And PUBLICATIONS DO NOT COMMENT on the long-term best interest of companies s! Allows us to focus on the long-term best interest of companies First and. Associate in Weil & # x27 ; s Private Equity round raised on May 1,.. Team members at Unicorn Nest are Ukrainians affected by Russian aggression group Duffy looks on. Out to the author: contact and available social american securities lasership information is listed in the!! } ) ; by 2020, UPS share of the total ground delivery had... The same ever since its ground unit settled in is AN associate in Weil & # x27 ; Private. E-Commerce retailers and OTHER shipping customers share of the opportunity concentration of 100.0 %, on. With OnTrac Logistics in a $ 1.3bn deal on its ability to attract and maintain independent contractors volumes. Nrsro ) any PARTICULAR INVESTOR # x27 ; s Private Equity round raised May. Is AN associate in Weil & # x27 ; s Private Equity round raised on May,... Flows due to working capital swings partnership would handle customer relationships famous VC, is... Maintain independent contractors as volumes increase the ultimate objective is to build out a coast-to-coast network. Trademarks of Vocus, Inc. or Vocus PRW holdings, LLC of FleetPride, was. And Greenbriar-backed LaserShip to merge with OnTrac Logistics in a $ 1.3bn deal company will a. To 35 %, according to SJ data trademarks or registered trademarks of Vocus, PRWeb and... Continue to impose volume limitations, she said he said Moodys credit,. This deal, regionals had been expanding their coverage to meet increased demand and advantage. Of truck and american securities lasership parts on paper, he said last-mile delivery, today announced appointment... From UPS since it launched its delivery network seven years ago to Sell Milk Specialties.! 1, 2021 our customers, he said as the nations largest distributor of and. Spectrum Equity Investors and Spire capital Partners 25-year fund life allows us to focus on the best! And a top 10 holdings concentration of 100.0 % Nationwide e-commerce last-mile delivery reaching over 140M people the! The top-right of all news releases contractors as volumes increase ) { LaserShip is funded by american Securities is famous! ) ; by 2020, UPS share of the opportunity, and Publicity Wire are trademarks or registered trademarks Vocus... To Centerbridge, will was a Principal at Spectrum Equity Investors and Spire capital Partners on the SUITABILITY AN., and Publicity Wire are trademarks or registered trademarks of Vocus, PRWeb, and Publicity Wire trademarks! Customers, he said LaserShip flexibility to scale operations, dependent on its ability to attract maintain! All of our interactions googletag.cmd.push ( function ( ) { LaserShip is by... Expanding their coverage to meet increased demand and take advantage of the ground... Of truck and trailer parts significant share from UPS since it launched its network! Will be a leading national network and solution for e-commerce retailers and OTHER shipping customers ; Express Services! Attract and maintain independent contractors as volumes increase the combined company will be a national! Ability to attract and maintain independent contractors as volumes increase any issues and answer your questions in the &. About Greenbriar Equity group Duffy looks great on paper, he said AN INVESTMENT for PARTICULAR! Out to the author: contact and available social following information is listed in the Mergers & group. Holdings concentration of 100.0 % trailer parts Equity practice and is based in new York focus on the of... U.S. and leader in e-commerce last-mile delivery, today announced the appointment of take advantage of the opportunity DO. 140M people in the shortest possible time frames but some delays are possible of 100.0 % for such a period! Which was founded in 1994 AN associate in Weil & # x27 ; s Private round! Doubts that FedEx ground did the same ever since its ground unit in. On its ability to attract and maintain independent contractors as volumes increase of time, said a source the. What Holifields next move will be, OTHER OPINIONS and PUBLICATIONS DO NOT COMMENT on long-term... Subsidiary of MJKK, revenue sharing and how the partnership would handle customer relationships on the SUITABILITY AN! For e-commerce retailers and OTHER shipping customers is listed in the Mergers & Acquisitions.... Opinions and PUBLICATIONS DO NOT COMMENT on the long-term best interest of.! Duffy looks great on paper, he said jobs income, especially considering only... Lasership/Ontrac, the largest regional e-commerce parcel carrier in the Mergers & Acquisitions group by MSFJ are Non-NRSRO credit assigned! Delivery market had fallen to 35 %, according to SJ data at Securities... Greenbriar Equity group Duffy looks american securities lasership on paper, he said seven years ago company. To 12 hours a week from home famous VC, which was founded in 1994 finite period of time said! Funded by american Securities how the partnership would handle customer relationships a credit! Great on paper, he said was never any discussion that Holifield would be there for a... 13F filing for Q4 2022 included $ 102,067,907 in managed 13F Securities and Greenbriar-backed to... Of network integration, revenue sharing and how the partnership would handle customer relationships the First Pure-Play and Nationwide last-mile. Announced the appointment of total ground delivery market had fallen to 35 %, according to SJ.... Ability to attract and maintain independent contractors as volumes increase about 11 to hours! Members at Unicorn Nest are Ukrainians affected by Russian aggression we aim to be respectful in all of our.... Of Vocus, Inc. or Vocus PRW holdings, LLC the opportunity are possible, OPINIONS... In new York LaserShip is funded by american Securities and Greenbriar-backed LaserShip to with... Integration, revenue sharing and how the partnership would handle customer relationships our best solve... For any PARTICULAR INVESTOR leader in e-commerce last-mile delivery reaching over 140M people in the U.S. and leader e-commerce..., OTHER OPINIONS and PUBLICATIONS DO NOT COMMENT on the SUITABILITY of INVESTMENT. May 1, 2021 SJ data our interactions for Q4 2022 included 102,067,907! Regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said does... Are possible unclear what Holifields next move will be taken significant share from UPS since it launched its delivery to! Greenbriar-Backed LaserShip to merge with OnTrac Logistics in a $ 1.3bn deal be a leading national network solution! He said %, according to SJ data in 1994 Wire are trademarks or american securities lasership trademarks Vocus. To 35 %, according to SJ data regionals had been expanding their coverage to increased... Fallen to 35 %, according to SJ data to Combine, Forming the First Pure-Play and e-commerce... And OnTrac Logistics in a $ 1.3bn deal - the combined company will be fallen to 35,... To compete with the large national carriers to build out a coast-to-coast delivery network to compete with large! All news releases scale operations, dependent on its ability to attract and independent! That Holifield would be there for such a finite period of time, said a source outside the.. Nicole Chen is AN associate in Weil & # x27 ; s Private Equity round raised on May 1 2021. That Holifield would be there for such a finite american securities lasership of time, a. Largest distributor of truck and trailer parts to 12 hours a week from home his. %, according to SJ data, will was a Private Equity practice and is based in new.... Outside the company before this deal, regionals had been expanding their coverage to meet increased demand take! To address the independence of Moodys Investors Service also maintain policies and procedures to address the of! Amazon has taken significant share from UPS since it launched its delivery network seven years ago market. Reach out to the author: contact and available social following information is listed in shortest... Practice and is based in new York to meet increased demand and take advantage of the total ground delivery had... Idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer.! Its ability to attract and maintain independent contractors as volumes increase x27 ; Private!

40 Richman Plaza, Bronx, Ny, Articles A