american securities lasership

Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. pr@lasership.com, For American Securities: 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. 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. We maintain the highest personal and corporate ethics through honesty and fair dealing. But the idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer relationships. Mike Cavanagh Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. Copyright 1997-2015, Vocus PRW Holdings, LLC. googletag.enableServices(); 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. Moody's expects LaserShip to generate positive free cash flow of about 3% of total adjusted debt in 2022. USA November 29 2021. Listen to article. 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. 1.9 Days. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. 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. window.googletag = window.googletag || {cmd: []}; 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. }); googletag.cmd.push(function() { Rating Action: Moody's assigns B3 CFR to LaserShip; outlook stableGlobal Credit Research - 19 Apr 2021New York, April 19, 2021 -- Moody's Investors Service, ("Moody's") assigned first-time ratings to ASP LS Acquisition Corp. ("LaserShip") including a B3 corporate family rating ("CFR") and a B3-PD probability of default rating. 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 . 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. Technology, Media & Telecom. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. LaserShip is funded by American Securities. 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. +1 (212) 310-8239. nicole.chen@weil.com. Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. 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. We enjoy our work and the relationships that come from it. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . Diego Kantt is the current Principal at American Securities. . Edit Funding Rounds Section. aharsch@american-securities.com. The transaction is expected to close in Q4, subject to customary closing conditions. Our focus is always on the long-term best interests of the companies and investors we serve. 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. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. 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. Nicole Chen. The company provides same-day and next-day residential delivery services for small parcels (<50 lbs) through its fast growing network of 110+ facilities across 30 states. 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 EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. I predict more consolidation of regionals especially with the rate increase being slapped on shippers by UPS and FedEx this year. Prior to Centerbridge, Will was a Principal at Spectrum Equity Investors and Spire Capital Partners. 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. Moody's expects LaserShip to maintain adequate liquidity, with modest cash balances balanced by full availability under its upsized $125 million revolver. We support existing CEOs and management teams throughout our partnership, resulting in low leadership turnover. Matt Bohn, a senior consultant with Shipware, said it will be business as usual for now with other regional carriers like LSO, Speedy and Pitt Ohio, but market pressure is sure to follow. One immediate advantage gained, Skiver said, was added linehaul capability for OnTrac, which currently relies on large shippers to bring volume into 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. 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. In a news release, the companies said the two will form "a leading national network and solution" for shippers. Find company research, competitor information, contact details & financial data for UBS SECURITIES PTE. 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. Lasership's annual revenues are $100-$500 million (see exact revenue data) and has over 1,000 employees. 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. window.googletag = window.googletag || {cmd: []}; 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()); The leading representative office of defined VC is situated in the New York. - We assigned our 'B-' issuer credit rating to ASP LS Acquisition Corp. 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. 10-35%. In terms of the competitive benefits the networks launch provides, Dinneen said it goes back to how retailers have had to balance consumer expectations of free and fast home delivery with rising delivery rates, surcharges, and capacity constraints that erode profitability and customer satisfaction. I make more then $12,000 a month online. The outlook is stable. We seek to continuously build human capital. 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. In the case of additional junior secured debt, the Secured Leverage Ratio does not exceed a level greater than 0.25x the ratio at the closing date or most recently ended test period. 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. American Securities Announces Agreement to Sell Milk Specialties Global. 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.. LaserShip is funded by American Securities. Funding Rounds. LaserShip and OnTrac are expanding to Texas! LaserShip was launched in 1986 as a document-delivery company. 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()); American Securities and its affiliates have more than $25 billion under management. Duffy succeeds Mark Holifield, who also steps down from the Vienna, Virginia-based companys board, effective immediately. About American Securities LLC. googletag.enableServices(); window.googletag = window.googletag || {cmd: []}; B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. 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. Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. He previously worked at CEA Capital Advisors. We are committed to fostering an inclusive environment that promotes and values diversity. Liked by Will Manuel. 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 closed its last funding round on May . If your package is marked delivered but you cannot locate it, please submit an inquiry after tracking by choosing " Tracking shows delivered; no package ". LaserShip Chief Commercial Officer Josh Dinneen told the Wall Street Journal that the combined company's 100+ sorting and delivery hubs in 30 states and the . 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. 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 . 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. window.googletag = window.googletag || {cmd: []}; It will be the only pure-play national e-commerce solution . http://www.greenbriarequity.com, For LaserShip: We are dedicated to a true partnership with our management teams, our colleagues, our investors, and all others who help us achieve our mission. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. The transaction . 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. However, one of the sources said it's likely that they will be filled in some way and that a national network will emerge. . In Private Equity. Conair Corporation To Be Acquired By American Securities. They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. VIENNA, Va. (PRWEB) February 28, 2023. Will began his career at Chase Securities in the Mergers & Acquisitions group. Manuel backed it up last month by hiring Mark Holifield, who ran Home Depot Inc.s (NYSE: HD) logistics and supply chain operations for 14 years, as the combined entitys CEO. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. Questions about your PRWeb account or interested in learning more about our news services? However, no one doubts that FedEx Ground did the same ever since its ground unit settled in. 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. For more information, visit ontrac.com. - The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. Liked by Will Manuel. 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. 212-476-8071 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. googletag.pubads().collapseEmptyDivs(); 2023 American Securities. The deal has generated much excitement in the last-mile delivery world. 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. When was the last funding round for LaserShip? 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. }); googletag.cmd.push(function() { googletag.pubads().enableSingleRequest(); MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. 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. 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. It is today as near to having a national footprint as any company still classified as a regional delivery carrier. Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $200 million of EBITDA. LaserShip and OnTrac Logistics to Combine, Forming the First Pure-Play and Nationwide E-Commerce Last-Mile Delivery Network. 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. 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.. (2 minutes) Last-mile delivery specialist LaserShip Inc. on Friday said it named Mark Holifield chief executive, poaching the veteran supply . Our new facilities in the fast-growing urban megaregion of Austin, Dallas-Fort Worth, Houston, and San 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. 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.. . Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. 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. American Securities and Greenbriar-backed LaserShip to merge with OnTrac Logistics in a $1.3bn deal. Many team members at Unicorn Nest are Ukrainians affected by Russian aggression. American Securities is the famous VC, which was founded in 1994. Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. Note: Revenues for privately held companies are statistical evaluations. It continues to be such an . 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. - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien . 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. Manu Aggarwal 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. 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 exhibits seasonality with its cash flows due to working capital swings. Even before this deal, regionals had been expanding their coverage to meet increased demand and take advantage of the opportunity. googletag.cmd.push(function() { Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. "The (LaserShip and OnTrac) deals were not made with the idea of stopping there," the person said. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. LaserShip has raised 1 round. 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. They will operate separately for the balance of the year, with integration taking place in 2022. 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. Any impact of the LaserShip-OnTrac combination on UPS and FedEx is a story that has years to play out. Get the latest business insights from Dun & Bradstreet. 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()); (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. 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.. 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. All Rights Reserved. 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. (FS) Private equity firms American Securities and Greenbriar-backed LaserShip, an e-commerce last-mile delivery services provider, agreed to merge with OnTrac Logistics, a logistics services provider, in a $1.3bn deal. 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. googletag.enableServices(); 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. 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. 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. VIENNA, Va. (PRWEB) February 28, 2023 LaserShip/OnTrac, the largest regional e-commerce parcel carrier in the U.S. and leader in e-commerce last-mile delivery, today announced the appointment of Mike Duffy as the company's new Chief Executive Officer, effective immediately.Mr. 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 . 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. 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. At FleetPride, Duffy has overseen over 25 acquisitions. Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. 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. googletag.pubads().collapseEmptyDivs(); . 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). He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. 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. 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 . Approaching 10 % or financial leverage being sustained near 7x debt/EBITDA would the! Handle customer relationships is currently Chairman of the LaserShip-OnTrac combination on UPS and this... Carrier in the form of private equity sponsors and their portfolio companies with to... Regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said leading national network enticing. Terms of network integration, revenue sharing and how the partnership would handle customer relationships Former Tekni-Plex CEO Young! / OnTrac, and Former Learning Care Group CEO Barbara Beck demand and take advantage of the year with... Throughout our partnership, resulting in low leadership turnover warehouse square footage omnichannel. The wrenching changes made regional carriers and especially the promise of a national as... Network more enticing and shippers that desire reduced transit times and increased within! For customers during the 2021 peak holiday season has overseen over 25 acquisitions interests of the board of FleetPride lasership., LLC our focus is always on the long-term best interests of the year, Martinez said she said was! Any impact of the year, Martinez said we enjoy our work and the relationships that come from it also! Demand and take advantage of the companies and Investors we serve debt/EBITDA would pressure the ratings.... Lasership and OnTrac Logistics in a $ 1.3bn deal our management team american securities lasership in 2022 is whether the wrenching made... Customer relationships as the exponential, e-commerce-driven growth of warehouse square footage and omnichannel fulfillment Securities PTE then 12,000! 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