MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. 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. - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien . Moodys SF Japan K.K. (2 minutes) Last-mile delivery specialist LaserShip Inc. on Friday said it named Mark Holifield chief executive, poaching the veteran supply . American Securities and its affiliates have more than $25 billion under management. }); googletag.cmd.push(function() { 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. I was amazed how easy it was after I tried itGOOD LUCK.. The most obvious path forward, then, is to expand its delivery coverage to fill out the middle of the country, according to industry experts. 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. He previously worked at CEA Capital Advisors. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. All Rights Reserved. 2023 American Securities. Lasership Inc. Lasership, Inc. provides courier services. #LaserShip #ceo #team. 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. 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. VIENNA, Va. and CHANDLER, Ariz. (PRWEB) LaserShip is funded by American Securities. (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. If your package is marked delivered but you cannot locate it, please submit an inquiry after tracking by choosing " Tracking shows delivered; no package ". Will Manuel, an American Securities managing director who is also LaserShip's chairman, has high aspirations for the entity in a delivery world turned upside down by the COVID-19 pandemic. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. But the idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer relationships. 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. If you can't read this PDF, you can view its text here. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. 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()); 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. Duffy serves as CEO of FleetPride, the nation's largest distributor of truck and trailer parts and service . He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. It continues to be such an . The company's integrated regional parcel network offers customers a unique solution for next day and two-day parcel service across more . 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). 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()); googletag.pubads().collapseEmptyDivs(); They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. vCard. FreightWaves has requested an interview with Duffy. LaserShip's proven, industry-leading last-mile delivery platform will help you acquire and retain customers with faster delivery while building capacity and flexibility within your supply chain. There is no explicit protective language limiting such releases.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSThe ratings could be upgraded if LaserShip demonstrates improving and sustainable operating leverage as delivery volumes increase, such that EBITDA margins are maintained in at least the mid-teens range and debt/EBITDA decreases toward 5x. American Securities is a hedge fund with 20 clients and discretionary assets under management (AUM) of $21,161,740,410 (Form ADV from 2022-03-31). About. It is classified as operating in the Couriers & Express Delivery Services . 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. American Securities's largest holding is Blue Bird Corp with . 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. The lawsuits allege that a company or individual violated securities laws and are brought on behalf of the class. LaserShip has raised 1 round. 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. 703-761-9030 AND/OR ITS AFFILIATES. The combined company will bring together two complementary operating footprints across the United States. 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. 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. 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. Media. 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. 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Logistics He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. 2023 American Securities. Diego Kantt is the current Principal at American Securities. . http://www.greenbriarequity.com, For LaserShip: For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. googletag.cmd.push(function() { 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. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. googletag.pubads().enableSingleRequest(); MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. We look forward to continuing to innovate for our retail partners in the future.. }); 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. 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. gptAdSlots.push(gptSlot); MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. There are no express "blocker" provisions that prohibit the transfer of specified assets to unrestricted subsidiaries; such transfers are permitted subject to carve-out capacity and other conditions. Associate New York. googletag.cmd.push(function() { LaserShip / OnTrac is a leading last-mile delivery solutions provider, serving eCommerce retailers. Mike Cavanagh Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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. Then check your email for more information on the investigation process. 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. googletag.pubads().enableSingleRequest(); CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. 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 . 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. }); By 2020, UPS share of the total ground delivery market had fallen to 35%, according to SJ data. 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). Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. Vienna, VA 22182. lasership.com. 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. 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 of those is . Text. 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. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. googletag.cmd.push(function() { 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. 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. It is unclear what Holifields next move will be. For more information, visit ontrac.com. American Securities LLC (originally named American Securities Capital Partners (ASCP)), is an American private equity firm based in New York with an office in Shanghai that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA.American Securities and its affiliates have . googletag.pubads().collapseEmptyDivs(); 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 and OnTrac are expanding to Texas! . 2023 American Securities. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. In a news release, the companies said the two will form "a leading national network and solution" for shippers. It provides a more cohesive solution over a much larger geographic area than is currently in place.. aharsch@american-securities.com. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. . 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. We seek to continuously build human capital. Faster transit time than national carriers. googletag.enableServices(); New 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. window.googletag = window.googletag || {cmd: []}; About Greenbriar Equity Group About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. 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. 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()); 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. All Rights Reserved. At the same time, analysts sounded a note of caution in terms of the combined companys ability to maintain current service levels as it scales, as did Skiver. They will operate separately for the balance of the year, with integration taking place in 2022. Will began his career at Chase Securities in the Mergers & Acquisitions group. Liked by Will Manuel. About OnTrac Logistics, Inc. - The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. This will open an investigation for the package. 1912 Woodford Road. . 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. Technology, Media & Telecom. 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()); That didnt appear to be the case pre-pandemic. And they added that this service will connect the companies East and West Coast delivery footprints, moving packages both way in three days. Tuesdays announcement also caught employees off-guard. 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. Vienna, VA lasership.com Joined April 2009. 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 . 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. 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 . The revolver will be subject to a springing net leverage covenant (ratio to be determined), tested if borrowings exceed 35% of the revolver commitment. Oct. 22, 2021 12:05 pm ET. Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. 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. LaserShip and OnTrac Logistics to Combine, Forming the First Pure-Play and Nationwide E-Commerce Last-Mile Delivery Network. 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. 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. for questions regarding your package. American Securities Announces Agreement to Sell Milk Specialties Global. The transaction . 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()); Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? 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. ROCHESTER, N.Y.--(BUSINESS WIRE)--Eastman Kodak announced today it has acquired the assets of ECRM Incorporated's CTP (computer-to-plate) device business for the graphic arts and newspaper . He will remain active at FleetPride until his successor takes over, LaserShip/OnTrac said. 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.. window.googletag = window.googletag || {cmd: []}; Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. 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. 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. 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. - We assigned our 'B-' issuer credit rating to ASP LS Acquisition Corp. We maintain the highest personal and corporate ethics through honesty and fair dealing. 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. Published March 1, 2023 . 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. Our success is grounded in hard work and rigorous analysis. We enjoy our work and the relationships that come from it. The sale is expected to close near the end of the month with a tentative date of October 25, 2021. LaserShip closed its last funding round on May . The combined company will bring together two complementary operating footprints across the United States. Duffy looks great on paper, he said. 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. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. About American Securities The Company offers pickup and delivery of letters, small packages, and documents. Work and the relationships that come from it behalf of the Board of FleetPride, is. Called 31 flavors, meaning there are deep pockets behind the tie-up in the form of private firm... Securities and its affiliates have more than $ 25 billion under management expected... It named Mark Holifield chief executive, poaching the veteran supply but the was... 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