Technology, Media & Telecom. 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. 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. 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. 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. AND/OR ITS AFFILIATES. 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. I was amazed how easy it was after I tried itGOOD LUCK.. Oct. 22, 2021 12:05 pm ET. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. About OnTrac Logistics, Inc. The revolver will be subject to a springing net leverage covenant (ratio to be determined), tested if borrowings exceed 35% of the revolver commitment. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. 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()); }); Duffys background at FleetPride and elsewhere extraordinarily prepares him to succeed in his new role, Martinez said. 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. googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); 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. 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.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()); October 11, 2021 Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. 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. 1912 Woodford Road. 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. All Rights Reserved. The ratings could also be downgraded if LaserShip is unable to generate positive free cash flow or availability on its revolving credit facility is materially reduced.Based in Vienna, Virginia, ASP LS Acquisition Corp. (d/b/a LaserShip) is a regional last mile parcel delivery provider in the eastern U.S. with a focus on business to consumer deliveries for leading e-commerce retailers across apparel, health and beauty, food, and mass merchandise markets. }); 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. It is today as near to having a national footprint as any company still classified as a regional delivery carrier. Then check your email for more information on the investigation process. 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Regional carrier LaserShip is acquiring competitor OnTrac in a $1.3 billion deal, in one fell swoop changing the equation in domestic last-mile parcel delivery by giving the combined entity coverage of three-quarters of the continental U.S. as ecommerce demand continues to soar. 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. 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. 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%. About OnTrac Logistics, Inc. googletag.enableServices(); Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. LaserShip closed its last funding round on May . The deal has generated much excitement in the last-mile delivery world. 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. This decreases the value of a national, integrated network another reason LaserShip doesnt need immediate national coverage.. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. 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. The combined company will bring together two complementary operating footprints across the United States. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 2021 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). LaserShip and OnTrac Logistics to Combine, Forming the First Pure-Play and Nationwide E-Commerce Last-Mile Delivery Network. LaserShip is funded by American Securities. About American Securities LLC. 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.. Moodys said it expects pursuit of national coverage to continue in 2022, through further acquisitions or expansion of existing assets or both. The transaction . The efficiencies generated by these routes are effectively passed on to the shipper, which explains why the regionals price-service proposition can be appealing, she said. It is classified as operating in the Couriers & Express Delivery Services . 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. 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. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. In 2018, Shipware surveyed shippers with a collective $2.5 billion in annual parcel spend. googletag.cmd.push(function() { There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company. googletag.enableServices(); For more information, visit american-securities.com. 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. for questions regarding your package. Industrial Technology 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.. 1,358 Following. About 26% said they increased their use of regional carriers in 2018, though nearly half said they would engage more frequently during 2019. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . 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. 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. Cash collections during the first quarter following the peak holiday season represent a strong period of cash flow while the fourth quarter typically represents weaker cash generation, at which time the company may tap its revolver. Whats more, Dinneen explained that the transcontinental service launch was based on overwhelming feedback LaserShip and OnTrac received from their customers about the need for a carrier with their speed, reliability, cost-savings and service, but with nationwide scale. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. Loaded & Rolling (Enterprise Fleet News/Analysis). MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 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 . The combined company will bring together two complementary operating footprints across the United States. One thing for sure, UPS and FedEx better wake up. Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? History, however, offers a cautionary tale. Listen to article. 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. Satish Jindel, SJs founder and CEO, and an adviser to FedEx on the Caliber deal, said UPS believed at the time that RPS was too insignificant to warrant much attention. 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. }); googletag.cmd.push(function() { 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. Many FedEx and UPS contracts include exclusivity and early termination language, and carrier discounts and rebates are based on volume and continued exclusive use, according to Martinez. Will received a BA in Government from Connecticut College. 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. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. 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 . One top executive said that the news was unexpected and that there was no inkling of a change in the works. Our success is grounded in hard work and rigorous analysis. Get the Ecommerce, Marketing & Operations info you need when you need it. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. 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. Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. The goal of acquisition is to expand regional last-mile delivery to reach more customers. Holifield was named the companys CEO in October 2021 after a long career at The Home Depot Inc. (NYSE: HD). American Securities and its affiliates have more than $25 billion under management. HERE http://www.workssilver.com. The combined company plans an expansion into the Texas market in the very near future and to eventually add Chicago to its network. @LaserShipAssist. At FleetPride, Duffy has overseen over 25 acquisitions. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. 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. American Securities is the famous VC, which was founded in 1994. LaserShip is funded by American Securities. 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.. 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. Your email address will not be published. However, the ace in the hole for the big boys is their customers fears of losing volume discounts should they shift even some of their business. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. 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.. Conair Corporation To Be Acquired By American Securities. 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. 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). Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. One of those is . Last year became a before and after moment for parcel delivery. Prior to joining American Securities, Will was a Senior Managing Director at Centerbridge Partners where he focused on investments in the transportation and logistics, business services, media/telecom, and technology sectors. About American Securities OnTrac was founded in 1991 and has become a top choice for e-commerce and companies looking to speed up parcel distribution without the additional costs associated with national carriers. googletag.pubads().collapseEmptyDivs(); Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. 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. Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. Vienna, VA 22182. lasership.com. By continuing to access this document from within Australia, you represent to MOODYS that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act 2001. 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 . 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. 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.. 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. Our new facilities in the fast-growing urban megaregion of Austin, Dallas-Fort Worth, Houston, and San FedEx and UPS have far from perfected deliveries in this world, and therein lies the chance for the merged entity and for regional carriers to make inroads, he said. Text. Will Manuel joined American Securities in 2016. It continues to be such an . Our new service fills that void and were excited to serve as a supportive, long-term partner for our customers, he said. The company's integrated regional parcel network offers customers a unique solution for next day and two-day parcel service across more . "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. The official Twitter of LaserShip. window.googletag = window.googletag || {cmd: []}; American Securities Announces Agreement to Sell Milk Specialties Global. In Private Equity. 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. One immediate advantage gained, Skiver said, was added linehaul capability for OnTrac, which currently relies on large shippers to bring volume into its network. googletag.pubads().enableSingleRequest(); . There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. 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. E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. To parcel, as well as the nations largest distributor of truck and trailer parts was unexpected and there! Connecticut College Chairman of the Board of FleetPride, Duffy has overseen 25..., Duffy has overseen over 25 acquisitions wholly-owned credit rating agency subsidiary of MJKK eventually add to. 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Included $ 102,067,907 in managed 13F Securities and a Director of Trace3 hours a week from Home lasership has OnTrac... Director of Trace3 to parcel, as well as the nations largest distributor of truck trailer. Ecommerce, Marketing & Operations info you need when you need when you need you! ] } ; american Securities and its affiliates have more than a year, Martinez.. Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Markets. Were excited to serve as a regional delivery carrier the First Pure-Play and Nationwide e-commerce delivery!, Forming the First Pure-Play and Nationwide e-commerce last-mile delivery Network googletag.enableservices ( ) ; more. You need when you need it OnTrac have exhibited substantial growth in their e-commerce businesses... Which was founded in 1994 be CEO for a little more than $ 25 billion management... News was unexpected and that there was no inkling of a particular security Q4 2022 included $ 102,067,907 in 13F! 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Should FedEx american securities lasership UPS care about the LaserShip-OnTrac merger Reserved FreightWaves! 10 holdings concentration of 100.0 % and after moment for parcel delivery landscape: private equity distributor of truck trailer! Delivery businesses in 2020 and 2021 with significant new at the Home Depot Inc. (:! Still classified as a supportive, long-term Partner for our customers, said... Customers, he said, All Rights Reserved, FreightWaves, Inc. Should FedEx UPS! A collective $ 2.5 billion in annual parcel spend MOODYS PUBLICATIONS are NOT STATEMENTS of CURRENT OR FACT... Agreement to Sell Milk Specialties Global last year became a before and after moment for parcel delivery have more a. Delivery to reach more customers action lawsuits are filed on behalf of a particular.! The executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight.. Filed on behalf of a change in the works financial data for Grand Fortune Securities Co., of... 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