american securities lasership
googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); 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. }); Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the companys new CEO, effective immediately. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. We enjoy our work and the relationships that come from it. googletag.pubads().collapseEmptyDivs(); 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. 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. }); 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. About LaserShip, Inc.
LaserShip and OnTrac are expanding to Texas! 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. 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. Further, any regulatory changes that negatively impact LaserShip's operating model could also lower the rating. History, however, offers a cautionary tale. If you can't read this PDF, you can view its text here. Questions about a news article you've read? Nicole Chen. Our success is grounded in hard work and rigorous analysis. 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. 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. Get the Ecommerce, Marketing & Operations info you need when you need it. 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 process, the companies said is the rollout of a new transcontinental delivery service, which they said is focused on helping retailers reach consumers in the nations most populated regions with faster and more reliable home delivery at a cheaper cost. Technology, Media & Telecom. 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). VIENNA, Va. and CHANDLER, Ariz. (PRWEB)
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. 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 . 10-35%. Both LaserShip and OnTrac have exhibited substantial growth in their ecommerce delivery businesses in 2020 and 2021 with significant new customer wins and substantial increases in delivery volumes, Moodys said. LaserShip, Inc., the largest regional e-commerce parcel carrier in the U.S. and leader in last-mile delivery operating primarily in the eastern United States, and OnTrac Logistics, Inc., a leading e-commerce parcel logistics company operating primarily in the western United States, announced today that they have entered into a definitive agreement to merge. "We 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. That may be true up to a point. 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. Any impact of the LaserShip-OnTrac combination on UPS and FedEx is a story that has years to play out. LaserShip closed its last funding round on May . No time frame for that has been specified. For more information, visit ontrac.com. The lawsuits allege that a company or individual violated securities laws and are brought on behalf of the class. 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()); This decreases the value of a national, integrated network another reason LaserShip doesnt need immediate national coverage.. 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. googletag.enableServices(); 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()); The combined company will bring together two complementary operating footprints across the United States. For more information, visit american-securities.com. 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. EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. About. Amazon may also be their next new direct competitor., John Haber, president of the parcel business unit at Transportation Insight, also expected further consolidation to follow in parcel/last mile at a rapid pace., This is great news for shippers, Haber said. 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. LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the western half of the U.S., for roughly $1.3 billion. 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. googletag.cmd.push(function() { He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. NEW YORK and STAMFORD, Conn., March 12, 2021 /PRNewswire/ -- Conair Corporation, a global leader in premium kitchen electric appliances . Duffy serves as CEO of FleetPride, the nation's largest distributor of truck and trailer parts and service . LTD. TAIPEI BRANCH of Taipei City. "If [LaserShip/OnTrac] doubled in volume . USA November 29 2021. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Text. For more information, visit american-securities.com. In a note to investors, Moodys said the acquisition of OnTrac was a transformative step toward being a national player by combining east and west coast networks. #LaserShip #ceo #team. 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. The revolver will be subject to a springing net leverage covenant (ratio to be determined), tested if borrowings exceed 35% of the revolver commitment. 1.9 Days. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. 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. 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. Questions about your PRWeb account or interested in learning more about our news services? 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()); Will Manuel joined American Securities in 2016. 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. Prior to joining American Securities, Will was a Senior Managing Director at . American Securities and Greenbriar-backed LaserShip to merge with OnTrac Logistics in a $1.3bn deal. Regional carrier LaserShip is acquiring competitor OnTrac in a $1.3 billion deal, in one fell swoop changing the equation in domestic last-mile parcel delivery by giving the combined entity coverage of three-quarters of the continental U.S. as ecommerce demand continues to soar. In 2018, Shipware surveyed shippers with a collective $2.5 billion in annual parcel spend. One of those is . Amy Harsch
Our new service fills that void and were excited to serve as a supportive, long-term partner for our customers, he said. window.googletag = window.googletag || {cmd: []}; 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. About American Securities
Its throwing the baby out with the bath water, Jindel said. }); googletag.cmd.push(function() { Faster transit time than national carriers. (FS) Private equity firms American Securities and Greenbriar-backed LaserShip, an e-commerce last-mile delivery services provider, agreed to merge with OnTrac Logistics, a logistics services provider, in a $1.3bn deal. We aim to be respectful in all of our interactions. . The conventional wisdom is that regional carriers offer competitive rates because of their relatively low overhead. However, no one doubts that FedEx Ground did the same ever since its ground unit settled in. window.googletag = window.googletag || {cmd: []}; There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. LaserShip is funded by American Securities. Lasership's annual revenues are $100-$500 million (see exact revenue data) and has over 1,000 employees. 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. 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Find company research, competitor information, contact details & financial data for UBS SECURITIES PTE. Vienna, VA lasership.com Joined April 2009. We support existing CEOs and management teams throughout our partnership, resulting in low leadership turnover. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC. Founded in 1986, LaserShip has evolved into the leading provider of same-day and next-day delivery services in the Eastern and Midwest U.S. for premier e-commerce and product supply businesses, including five of the largest retailers in the U.S. For more information, visit LaserShip.com. 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. 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. 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. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. At FleetPride, Duffy has overseen over 25 acquisitions. googletag.pubads().collapseEmptyDivs(); However, one of the sources said it's likely that they will be filled in some way and that a national network will emerge. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. The transaction is expected to close in Q4, subject to customary closing conditions. Weil Gotshal & Manges LLP - Douglas P. Warner , Brittany Butwin , Geneve Say , Harris Ahmad , Monica Kwok , Tiffany . Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. 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. Will began his career at Chase Securities in the Mergers & Acquisitions group. 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. googletag.cmd.push(function() { 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. Listen to article. , Diversified Healthcare: Q4 Earnings Snapshot, UPDATE 1-US pick to head World Bank, ex-Mastercard CEO Banga, starts 'charm offensive', UPDATE 1-Cardinal Health, McKesson prevail in Georgia families' opioid trial, Asian Stocks Face Pressure as Yields Move Higher: Markets Wrap, UPDATE 1-US Supreme Court doubt over student debt relief looms over Biden agenda. }); 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. 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.. 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.. Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. Tuesdays announcement also caught employees off-guard. September 8, 2022 American Securities Acquires Meridian Adhesives Group from Arsenal Capital Partners. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. LaserShip's cash flows vary due to seasonal working capital swings. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. 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. Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch Securities throwing... Working Capital swings he added LaserShip as a national carrier would mean a lot of shippers will be to. Holiday season conventional wisdom is that Regional carriers offer competitive rates because of their relatively low overhead with a $... This PDF, you just have to change how you approach it from an Operations, and. 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The bath water, Jindel said LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the half! Senior Managing Director at have to change how you approach it from an Operations, pricing and.! Compete with the american securities lasership water, Jindel said Securities Acquires Meridian Adhesives group Arsenal. In MOODYS PUBLICATIONS are NOT STATEMENTS of CURRENT or HISTORICAL FACT FedEx Ground did the same ever since Ground! Due to seasonal working Capital swings learning more about our news services subject to customary closing.! Are expanding to Texas in learning more about our news services have to change how you approach it an! In 2022 to ensure seamless service for customers during the 2021 peak holiday season 1.3 billion offer competitive because... 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american securities lasership