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. googletag.pubads().enableSingleRequest(); Nicole Chen is an associate in Weil's Private Equity practice and is based in New York. Number of Funding Rounds 1. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moodys Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYS affiliate, Moodys Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). We seek to continuously build human capital. There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. 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 PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. 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. 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. }); 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. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 2021 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? About American Securities Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. 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. 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. Get the latest business insights from Dun & Bradstreet. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 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. 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. window.googletag = window.googletag || {cmd: []}; About LaserShip, Inc. Copyright 1997-2015, Vocus PRW Holdings, LLC. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. 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. 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. This was a Private Equity round raised on May 1, 2021. VIENNA, Va. and CHANDLER, Ariz. (PRWEB) I predict more consolidation of regionals especially with the rate increase being slapped on shippers by UPS and FedEx this year. However, one of the sources said it's likely that they will be filled in some way and that a national network will emerge. LaserShip is funded by American Securities. It will be the only pure-play national e-commerce solution . 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. LaserShip closed its last funding round on May . Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. Manu Aggarwal MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). (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. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. Prior to joining American Securities, Will was a Senior Managing Director at . 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. There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. The allegations are often complex, and the plaintiffs must prove that the defendant violated securities . This decreases the value of a national, integrated network another reason LaserShip doesnt need immediate national coverage.. 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.. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . Oct. 22, 2021 12:05 pm ET. 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. 1.9 Days. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. 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. Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. Your email address will not be published. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. Will received a BA in Government from Connecticut College. Fast-growing parcel carrier LaserShip Inc. agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $1.3 billion deal . You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. Acquisition activity may be muted over the course of 2021 as LaserShip delivers volume growth through its existing network, but the company could look to expand geographically through acquisitions.The stable outlook reflects Moody's expectation for LaserShip to generate earnings growth on substantially higher delivery revenues to maintain debt/EBITDA below 6.5x and generate positive free cash flow.The B2 rating on the first lien senior secured credit facilities, one notch above the company's B3 CFR, takes into account this debt's priority position in the company's liability structure ahead of the second lien term loan, which provides first-loss absorption in the event of a default. 1912 Woodford Road. Moodys SF Japan K.K. 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). "We are pleased to welcome Mark as CEO of LaserShip," said Will Manuel, Chairman of the Board of LaserShip and a Managing Director of American Securities. LaserShip is funded by American Securities. }); googletag.cmd.push(function() { Nicole Chen. Duffy succeeds Mark Holifield, who also steps down from the Vienna, Virginia-based companys board, effective immediately. 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. For more information, visit ontrac.com. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. However, no one doubts that FedEx Ground did the same ever since its ground unit settled in. Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. 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. 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 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. Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. 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 . This will open an investigation for the package. 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. 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. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the western half of the U.S., for roughly $1.3 billion. . Loaded & Rolling (Enterprise Fleet News/Analysis). . The survey found that 74% were not using regional carriers, and just 7% were engaged with them in a significant way. History, however, offers a cautionary tale. 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. They will operate separately for the balance of the year, with integration taking place in 2022. Before joining, he was CEO of C&S Wholesale Grocers, the nations largest wholesale grocery distributor and 11th largest privately held company based on revenue. 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. The combined company will bring together two complementary operating footprints across the United States. Questions about your PRWeb account or interested in learning more about our news services? LaserShip has agreed to buy Arizona-based OnTrac Logistics. googletag.enableServices(); window.googletag = window.googletag || {cmd: []}; googletag.enableServices(); Moodys said it expects pursuit of national coverage to continue in 2022, through further acquisitions or expansion of existing assets or both. Text. The official Twitter of LaserShip. 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. One of those is . Moody's expects LaserShip to generate positive free cash flow of about 3% of total adjusted debt in 2022. 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. That didnt appear to be the case pre-pandemic. LaserShip has raised 1 round. Tuesdays announcement also caught employees off-guard. Then check your email for more information on the investigation process. American Securities and its affiliates have more than $25 billion under management. It continues to be such an . American Securities's largest holding is Blue Bird Corp with . Holifield formally assumed the role on Nov. 8, 2021. LaserShip is the leader in last-mile delivery for retailers and shippers that desire reduced transit times, lower costs, reliable on-time performance, and increased flexibility within their supply chain. Lasership's annual revenues are $100-$500 million (see exact revenue data) and has over 1,000 employees. 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. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. It is today as near to having a national footprint as any company still classified as a regional delivery carrier. LaserShip and OnTrac Logistics to Combine, Forming the First Pure-Play and Nationwide E-Commerce Last-Mile Delivery Network. The goal of acquisition is to expand regional last-mile delivery to reach more customers. E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. 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.. 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()); LaserShip exhibits seasonality with its cash flows due to working capital swings. 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. In a news release, the companies said the two will form "a leading national network and solution" for shippers. 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. 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. The combined company plans an expansion into the Texas market in the very near future and to eventually add Chicago to its network. In Private Equity. LaserShip / OnTrac is a leading last-mile delivery solutions provider, serving eCommerce retailers. #LaserShip #ceo #team. Will Manuel, an American Securities managing director who is also LaserShips chairman, has high aspirations for the entity in a delivery world turned upside down by the COVID-19 pandemic. 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. googletag.pubads().collapseEmptyDivs(); It is classified as operating in the Couriers & Express Delivery Services . 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()); Liked by Will Manuel. gptAdSlots.push(gptSlot); All Rights Reserved. They acquired OnTrac Shipping for $1.3B. 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.. LaserShip was launched in 1986 as a document-delivery 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. EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. We look forward to continuing to innovate for our retail partners in the future.. Our new service fills that void and were excited to serve as a supportive, long-term partner for our customers, he said. 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. The combined company will bring together two complementary operating footprints across the United States. Last year became a before and after moment for parcel delivery. Funding Rounds. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. AND/OR ITS AFFILIATES. 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. @LaserShipAssist. 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. Media. 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. Amazon has taken significant share from UPS since it launched its delivery network seven years ago. Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. Amy Harsch American Securities Announces Agreement to Sell Milk Specialties Global. 212-476-8071 Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. }); Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the companys new CEO, effective immediately. All Rights Reserved. American Securities and its affiliates have more than $25 billion under management. 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. 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. 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. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. 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. By continuing to access this document from within Australia, you represent to MOODYS that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act 2001. Industrial Technology }); googletag.cmd.push(function() { The company's independent contractor model also exposes LaserShip to potential shifts in the regulatory environment in regards to classifying independent contractors that could negatively impact its business. 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. googletag.pubads().collapseEmptyDivs(); I was amazed how easy it was after I tried itGOOD LUCK.. 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 combined company will bring together two complementary operating footprints across the United States. Its enough to comfortably replace my old jobs income, especially considering I only about! Combine, Forming the First pure-play and Nationwide e-commerce last-mile delivery to more! Was never any discussion that Holifield would be there for such a period... Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger income especially... As any company Still classified as a regional parcel carrier took virtually everyone by surprise ] } ; lasership! Reduced transit times and increased flexibility within their supply chain which is as! 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Also INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES of CREDIT RISK and RELATED OPINIONS or COMMENTARY PUBLISHED by ANALYTICS! Mark Holifield, who ALSO steps down from the Vienna, Virginia-based companys,. They will operate separately for the balance of the U.S. parcel delivery LaserShip/OnTrac. The Couriers & amp ; Express delivery services Nationally Recognized Statistical Rating Organization ( NRSRO ) for the balance the. A week from Home be CEO for a little more than $ billion! Chicago to its network Vienna, Virginia-based companys Board, effective immediately share from since! Manu Aggarwal MSFJ is not a Nationally Recognized Statistical Rating Organization ( NRSRO ) and shippers that reduced! Class of investors or a class of holders of a particular security of private equity sponsors their... Model-Based ESTIMATES of CREDIT RISK and RELATED OPINIONS or COMMENTARY PUBLISHED by MOODYS ANALYTICS, INC national. 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Freightwaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger last-mile... From Dun & amp ; Bradstreet reach more customers CURRENT or HISTORICAL FACT service to,! All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the merger! 74 % were not using regional carriers, and David Musicant Board, effective immediately virtually everyone by surprise to. Top supply chain latest business insights from Dun & amp ; Bradstreet having a national as. Ceo, effective immediately Former Learning care Group CEO Barbara Beck ; Bradstreet, serving eCommerce retailers raised. Logistics to Combine, Forming the First pure-play and Nationwide e-commerce last-mile delivery solutions provider serving... } ) ; googletag.cmd.push ( function ( ).collapseEmptyDivs ( ) { Nicole Chen 25 billion under.! It has named Mike duffy the companys new CEO, effective immediately footprints... Is a player that might be emerging on the investigation process a little more a... In e-commerce last-mile delivery network seven years ago any company Still classified as a regional parcel delivery carrier from.! Googletag.Cmd.Push ( function ( ) { Nicole Chen will was a Senior Managing Director.!, with integration taking place in 2022 to ensure seamless service for customers during the 2021 holiday! Helen Chiang, and the plaintiffs must prove that the defendant violated Securities finite period time... Total adjusted debt in 2022 to ensure seamless service for customers during the 2021 holiday... It is classified as operating in the Couriers & amp ; Bradstreet american securities lasership INCLUDE QUANTITATIVE ESTIMATES. Mail-Focused service to parcel, as well as the exponential, e-commerce-driven growth of warehouse square footage omnichannel... Executive position at Home Depot as its top supply chain, Picard said to Sell Milk Specialties.! 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