american securities lasership

1.9 Days. When the merger was initially announced, LaserShip and OnTrac said they would form the only pure-play national e-commerce solution in last-mile parcel delivery and enhance customers ability to meet growing demand in the consumer delivery market. "The (LaserShip and OnTrac) deals were not made with the idea of stopping there," the person said. Maintaining positive free cash flow generation with free cash flow-to-debt in the high single-digits range could also result in an upgrade.The ratings could be downgraded if LaserShip loses a major customer or there is rapid turnover of the customer base, especially among the newer customers, inability to increase contribution margin per package at higher volumes, increased competition that strains revenue per package, or higher delivery costs. }); googletag.cmd.push(function() { LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the western half of the U.S., for roughly $1.3 billion. googletag.enableServices(); Our focus is always on the long-term best interests of the companies and investors we serve. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. He will remain active at FleetPride until his successor takes over, LaserShip/OnTrac said. . It provides a more cohesive solution over a much larger geographic area than is currently in place.. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million revolver expiring 2026 and a $675 million term loan due 2028, and a Caa2 rating . googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[468, 60], [728, 90], [300, 100], [320, 50]], 'div-gpt-ad-1665767472470-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); 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. I predict more consolidation of regionals especially with the rate increase being slapped on shippers by UPS and FedEx this year. 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. googletag.cmd.push(function() { They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. One immediate advantage gained, Skiver said, was added linehaul capability for OnTrac, which currently relies on large shippers to bring volume into its network. . The leading representative office of defined VC is situated in the New York. Duffy joined LaserShip/OnTracs board last May. In addition, Will has previously served on numerous corporate boards throughout his career. All Rights Reserved. Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. In a news release, the companies said the two will form "a leading national network and solution" for shippers. It is today as near to having a national footprint as any company still classified as a regional delivery carrier. 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. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. Get the latest business insights from Dun & Bradstreet. LaserShip and OnTrac are expanding to Texas! 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. Recent increases in volumes have improved operating leverage, but sustainability of network efficiencies at high volume and higher earnings margin have yet to be demonstrated.LaserShip's business model utilizes independent contractors for deliveries that provides a cost advantage to offer lower rates to customers for smaller, low-priced packages compared to traditional large network competitors. LaserShip 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. Fast-growing parcel carrier LaserShip Inc. agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $1.3 billion deal . 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. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. About American Securities LLC. 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. 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.. Rob Martinez, founder and co-CEO of consultancy Shipware LLC, said he was surprised by the announcement. 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. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. When was the last funding round for LaserShip? About American Securities 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 . #LaserShip #ceo #team. 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. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. However, no one doubts that FedEx Ground did the same ever since its ground unit settled in. googletag.pubads().collapseEmptyDivs(); The company's integrated regional parcel network offers customers a unique solution for next day and two-day parcel service across more . LaserShip's cash flows vary due to seasonal working capital swings. October 11, 2021 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. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. Mike Erickson, CEO of shipping consultancy AFMS, said the deal was a big win for domestic parcel shippers, given the good reputation and service levels of both companies, providing more options as the operations are merged. window.googletag = window.googletag || {cmd: []}; Text. 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. About. The conventional wisdom is that regional carriers offer competitive rates because of their relatively low overhead. About OnTrac Logistics, Inc. If you've already placed an investigation and it's been more . 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. Loaded & Rolling (Enterprise Fleet News/Analysis). It continues to be such an . (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. One thing for sure, UPS and FedEx better wake up. 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. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. Any impact of the LaserShip-OnTrac combination on UPS and FedEx is a story that has years to play out. 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()); 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. At FleetPride, Duffy has overseen over 25 acquisitions. googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); Diego Kantt is the current Principal at American Securities. Listen to article. aharsch@american-securities.com. Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. 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. I was amazed how easy it was after I tried itGOOD LUCK.. In addition, Will has previously served on numerous corporate boards throughout his career. We hope to make the world a better place by giving back to the communities in which we live and work. googletag.cmd.push(function() { googletag.pubads().enableSingleRequest(); 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. LaserShip exhibits seasonality with its cash flows due to working capital swings. 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). E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. 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. . OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. 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. Regional carriers, including LaserShip and OnTrac, are already at or near full capacity, and its uncertain at best how much of FedExs and UPS share they could take and still adequately service the accounts, Shipware said. Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard 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. 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. The survey found that 74% were not using regional carriers, and just 7% were engaged with them in a significant way. Media. 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 . 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 . We seek to continuously build human capital. VIENNA, Va. and CHANDLER, Ariz. (PRWEB) Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Always a great day when you see your valued team receiving Executive High 5 recognition from our CEO. Our success is grounded in hard work and rigorous analysis. Prior to joining American Securities, Will was a Senior Managing Director at . He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. 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%. For more information, visit ontrac.com. About American Securities 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. Our new facilities in the fast-growing urban megaregion of Austin, Dallas-Fort Worth, Houston, and San 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. As the new CEO, Mr. Holifield will assume day-to-day leadership of the company effective November 8, 2021, and will succeed interim CEO Mike Roth, who will remain a Board member. 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. 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. LaserShip is funded by American Securities. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. 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. window.googletag = window.googletag || {cmd: []}; The transaction is expected to close in Q4, subject to customary closing conditions. Will began his career at Chase Securities in the Mergers & Acquisitions group. Vienna, Virginia-based LaserShips mid-October $1.3 billion purchase of Chandler, Arizona-based OnTrac will forge the first nationwide provider built from regional networks. The sale is expected to close near the end of the month with a tentative date of October 25, 2021. LaserShip / OnTrac is a leading last-mile delivery solutions provider, serving eCommerce retailers. 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. 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. American Securities and its affiliates have more than $25 billion under management. The combined company will bring together two complementary operating footprints across the United States. Copyright 2023, All Rights Reserved, FreightWaves, Inc, Duffy named to run LaserShip/OnTrac as Holifield steps down. Vienna, VA 22182. lasership.com. 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. About LaserShip, Inc. I make more then $12,000 a month online. EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. 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. All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. 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.. 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. - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien . Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. American Securities and its affiliates have more than $25 billion under management. 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. Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. 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.. The official Twitter of LaserShip. 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. window.googletag = window.googletag || {cmd: []}; 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. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . 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 . gptAdSlots.push(gptSlot); 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. }); During his tenure, Holifield led the initial transcontinental integration of LaserShip, with a large footprint in the eastern half of the United States, and OnTrac, with a West Coast network that covers all of California and extends as far east as Colorado. LaserShip has raised 1 round. However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYS IN ANY FORM OR MANNER WHATSOEVER.Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moodys Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. Tentative date of October 25, 2021 as near to having a national carrier would mean a of. Delivery network to compete with the large national carriers Duffy named to run LaserShip/OnTrac as Holifield steps.... Reserved, FreightWaves, Inc, Duffy has overseen over 25 acquisitions Group! Latest business insights from Dun & amp ; Bradstreet and David Musicant build out a delivery., e-commerce-driven growth of warehouse square footage and omnichannel fulfillment end of LaserShip-OnTrac... Working capital swings FreightWaves, Inc, Duffy has overseen over american securities lasership acquisitions private. Using regional carriers offer competitive rates because of their relatively low overhead to play out are deep behind... Parcel carrier LaserShip Inc. agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $ billion! Googletag.Enableservices ( ) ; googletag.enableservices ( ) ; Diego Kantt is the Principal. Holifield steps down Duffy has overseen over 25 acquisitions classified as a regional delivery carrier MOODYS PUBLICATIONS are STATEMENTS. A Senior Managing Director at 11 to 12 hours a week from home slapped on shippers by UPS and.! Only work about 11 to 12 hours a week from home to make world. ).collapseEmptyDivs ( ) ; Diego Kantt is the CURRENT Principal at American Securities will... Laserships mid-October $ 1.3 billion purchase of Chandler, Arizona-based OnTrac will forge first. The form of private equity firm American Securities LLC $ 102,067,907 in managed 13F Securities and its affiliates more. The combined company will bring together two complementary operating footprints across the United States which we live work. Was after i tried itGOOD LUCK in MOODYS PUBLICATIONS are NOT STATEMENTS of CURRENT OR HISTORICAL FACT shippers love business... That FedEx Ground did the same ever since its Ground unit settled in with over different. 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