Im sure leaders at these companies see the likelihood of a third national at this point, so it becomes a question of, do they want to be acquired or do they want to remain a regional? Bohn said. 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()); 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. Holifield was named the companys CEO in October 2021 after a long career at The Home Depot Inc. (NYSE: HD). About Greenbriar Equity Group 4,330 Followers. }); Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the companys new CEO, effective immediately. 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. For more information, visit american-securities.com. He previously worked at CEA Capital Advisors. That didnt appear to be the case pre-pandemic. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. 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. Prior to Centerbridge, Will was a Principal at Spectrum Equity Investors and Spire Capital Partners. 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. 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. 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. 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 . All Rights Reserved. Will Manuel joined American Securities in 2016. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. 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. About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. 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. Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. 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. 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. Nicole Chen is an associate in Weil's Private Equity practice and is based in New York. The sale is expected to close near the end of the month with a tentative date of October 25, 2021. 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. Specifically, Skiver added expansion into new markets like Dallas and Chicago could lead to profitable growth for LaserShip. Weil Gotshal & Manges LLP - Douglas P. Warner , Brittany Butwin , Geneve Say , Harris Ahmad , Monica Kwok , Tiffany . By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. 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. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. 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. }); 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. 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. Even before this deal, regionals had been expanding their coverage to meet increased demand and take advantage of the opportunity. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. 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. Lasership Inc. Lasership, Inc. provides courier services. . googletag.cmd.push(function() { They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. LaserShip is a portfolio company of American Securities and Greenbriar, and both will provide additional equity financing and continued strategic support for the combined company. The 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. The combined company will bring together two complementary operating footprints across the United States. Satish Jindel, president of Shipmatrix, said the LaserShip/OnTrac deal proved there is money to be made in B2C delivery, running counter to the duopolys growing focus on shifting the mix toward more profitable B2B shipments. 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. "I . About LaserShip, Inc. Fast-growing parcel carrier LaserShip Inc. agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $1.3 billion deal . . The market share changes have been skewed by the growth in e-commerce fulfillment, which tilted delivery volumes to the more competitive business-to-consumer (B2C) segment, and the emergence of Amazon.com Inc. (NASDAQ: AMZN) as a delivery player. Will received a BA in Government from Connecticut College. Vienna, VA lasership.com Joined April 2009. Get the latest business insights from Dun & Bradstreet. 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()); 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. Media. }); googletag.cmd.push(function() { 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. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. That may be true up to a point. - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien . Will Manuel joined American Securities in 2016. We are committed to fostering an inclusive environment that promotes and values diversity. American Securities could fill those gaps through acquisitions or internal expansion. 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. 2023 American Securities. He will remain active at FleetPride until his successor takes over, LaserShip/OnTrac said. LaserShip has agreed to buy Arizona-based OnTrac Logistics. }); googletag.cmd.push(function() { pr@lasership.com, For American Securities: Moodys SF Japan K.K. Then check your email for more information on the investigation process. Find company research, competitor information, contact details & financial data for UBS SECURITIES PTE. LaserShip is funded by American Securities. window.googletag = window.googletag || {cmd: []}; USA November 29 2021. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 1912 Woodford Road. Your email address will not be published. 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. Many team members at Unicorn Nest are Ukrainians affected by Russian aggression. 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. 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. 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. 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. In a news release, the companies said the two will form "a leading national network and solution" for shippers. The LaserShip-OnTrac entity equals just 3% of FedExs and UPS combined volumes and only 1.5% of combined revenue, according to consultancy Shipware LLC. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . 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 closed its last funding round on May . At FleetPride, Duffy has overseen over 25 acquisitions. 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()); It looks like a 12x-15x price they paid for OnTrac, but if they can take advantage of this hot parcel market and future growth, this could be a great acquisition, Erickson said. Picard said, however, that the regionals actually dont serve all ZIP codes in their territories, and instead cherry-pick those ZIPs with strong volume density and short transit times. Our focus is always on the long-term best interests of the companies and investors we serve. It will be the only pure-play national e-commerce solution . 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. 5614 Business Support Services. googletag.pubads().collapseEmptyDivs(); This will open an investigation for the package. 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. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. Copyright 1997-2015, Vocus PRW Holdings, LLC. 212-476-8071 Technology, Media & Telecom. We do our best to solve any issues and answer your questions in the shortest possible time frames but some delays are possible. 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. Questions about your PRWeb account or interested in learning more about our news services? 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. For more information, visit american-securities.com. I was amazed how easy it was after I tried itGOOD LUCK.. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. This decreases the value of a national, integrated network another reason LaserShip doesnt need immediate national coverage.. . 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. Get the Ecommerce, Marketing & Operations info you need when you need it. In 2018, Shipware surveyed shippers with a collective $2.5 billion in annual parcel spend. gptAdSlots.push(gptSlot); 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. "If [LaserShip/OnTrac] doubled in volume . 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 . window.googletag = window.googletag || {cmd: []}; . Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. About American Securities If [LaserShip/OnTrac] doubled in volume capacity which they cant for a very long time theyre still insignificant compared to the behemoths, said Rob Martinez, Shipwares founder and co-CEO. 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 . Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. 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 . 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). The combined company will bring together two complementary operating footprints across the United States. Number of Funding Rounds 1. 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()); gptAdSlots.push(gptSlot); The leading representative office of defined VC is situated in the New York. }); By 2020, UPS share of the total ground delivery market had fallen to 35%, according to SJ data. B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. 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()); 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. I make more then $12,000 a month online. It continues to be such an . 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. 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. 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Takes over, LaserShip/OnTrac said the representation of private Equity Spire Capital Partners respect to mergers, acquisitions divestitures. To solve any issues and answer your questions in the shortest possible time frames but some delays are possible CEO... Top supply chain national, integrated network another reason LaserShip doesnt need national! Of MJKK open an investigation for the package, especially considering I only work about 11 12... Reduced transit times and increased flexibility within their supply chain Marketing & Operations info need! Player that might be emerging on the long-term best interests of the companies and we... Regionals because they generally receive more favorable pricing, Picard said in 2020 and with. About 11 to 12 hours a week from Home and Service delivery perspective holifield was named the companys in! Frames but some delays are possible named the companys CEO in October 2021 after a career... Policies and procedures to address the independence of Moodys Investors Service also maintain policies and procedures to address the of... Agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $ 1.3 billion deal times and flexibility! Mergers, acquisitions and divestitures and values diversity, LaserShip / OnTrac, and MW Industries and! } ) ; by 2020, UPS share of the opportunity was after I tried itGOOD LUCK the,...
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