american securities lasership

CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. 4,330 Followers. 703-761-9030 Edit Funding Rounds Section. The combined company plans an expansion into the Texas market in the very near future and to eventually add Chicago to its network. Prior to joining American Securities, Will was a Senior Managing Director at . 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. We enjoy our work and the relationships that come from it. We look forward to continuing to innovate for our retail partners in the future.. About Greenbriar Equity Group MOODYS ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. 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. 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. At FleetPride, Duffy has overseen over 25 acquisitions. This decreases the value of a national, integrated network another reason LaserShip doesnt need immediate national coverage.. 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. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. And they added, at the time, that in order to ensure continued exceptional service through the holiday season with expectations of heightened shipping volumes, LaserShip and OnTrac would not begin to link their networks until 2022 and would operate independently until then. window.googletag = window.googletag || {cmd: []}; 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. Matt Bohn, a senior consultant with Shipware, said it will be business as usual for now with other regional carriers like LSO, Speedy and Pitt Ohio, but market pressure is sure to follow. For more information, visit american-securities.com. Our 25-year fund life allows us to focus on the long-term best interest of companies. Will began his career at Chase Securities in the Mergers & Acquisitions group. It is unclear what Holifields next move will be. 2023 American Securities. The transaction is expected to close in Q4, subject to customary closing conditions. Its throwing the baby out with the bath water, Jindel said. window.googletag = window.googletag || {cmd: []}; Reach out to the author: contact and available social following information is listed in the top-right of all news releases. Address. . 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. For more information, visit ontrac.com. 1.9 Days. }); By 2020, UPS share of the total ground delivery market had fallen to 35%, according to SJ data. The transaction . FreightWaves has requested an interview with Duffy. Loaded & Rolling (Enterprise Fleet News/Analysis). "I . There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. , 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. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. The sale is expected to close near the end of the month with a tentative date of October 25, 2021. Our focus is always on the long-term best interests of the companies and investors we serve. However, some perspective is needed before the coronation begins. 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. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. (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. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. 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. LaserShip Chief Commercial Officer Josh Dinneen told the Wall Street Journal that the combined companys 100+ sorting and delivery hubs in 30 states and the District of Columbia will get it closer to offering a coast-to-coast solution which doesnt exist outside UPS or FedEx.. 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. Manu Aggarwal Oct. 22, 2021 12:05 pm ET. Moodys said it expects pursuit of national coverage to continue in 2022, through further acquisitions or expansion of existing assets or both. About OnTrac Logistics, Inc. Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. Always a great day when you see your valued team receiving Executive High 5 recognition from our CEO. For more information, visit american-securities.com. googletag.pubads().enableSingleRequest(); He previously worked at CEA Capital Advisors. 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().collapseEmptyDivs(); }); 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. Get the latest business insights from Dun & Bradstreet. 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. 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. Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. 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. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . 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. The deal has generated much excitement in the last-mile delivery world. It does offer LaserShip flexibility to scale operations, dependent on its ability to attract and maintain independent contractors as volumes increase. googletag.enableServices(); 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. It provides a more cohesive solution over a much larger geographic area than is currently in place.. 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. 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. 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 . American Securities and its affiliates have more than $25 billion under management. 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. The lawsuits allege that a company or individual violated securities laws and are brought on behalf of the class. 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()); LaserShip is funded by American Securities. Vienna, VA 22182. lasership.com. We maintain the highest personal and corporate ethics through honesty and fair dealing. The number of new customers has increased rapidly of late, and remains to be seen whether the company can service all of its customers at the required service levels. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. 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. AND/OR ITS AFFILIATES. window.googletag = window.googletag || {cmd: []}; 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. Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. 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. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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. Text. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. We are dedicated to a true partnership with our management teams, our colleagues, our investors, and all others who help us achieve our mission. Logistics For more information, visit ontrac.com. Tweets & replies. He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. Liked by Will Manuel. Tuesdays announcement also caught employees off-guard. The most obvious path forward, then, is to expand its delivery coverage to fill out the middle of the country, according to industry experts. LTD. TAIPEI BRANCH of Taipei City. 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. 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. Find company research, competitor information, contact details & financial data for UBS SECURITIES PTE. 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()); VIENNA, Va. and CHANDLER, Ariz. (PRWEB) OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. This allowed the carriers to deliver more packages within specific time windows, and at attractive rates and fewer delivery surcharges. 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. It is also welcome news to big parcel shippers that have spent 18 months coping with persistent demand spikes, ultratight capacity and demands by FedEx (NYSE: FDX) and UPS (NYSE: UPS) to accept higher rates and surcharges, or be volume-restricted if not cut loose altogether. 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. 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). He will remain active at FleetPride until his successor takes over, LaserShip/OnTrac said. }); googletag.cmd.push(function() { CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 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()); No time frame for that has been specified. 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. EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. In a deal that banking sources said was consummated about two weeks ago, regional parcel delivery carrier LaserShip, which is owned by PE firm American Securities LLC, acquired fellow regional carrier OnTrac for what is believed to be $1.3 billion, a significant sum for a regional parcel company. They acquired OnTrac Shipping for $1.3B. 1,358 Following. . We hope to make the world a better place by giving back to the communities in which we live and work. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. We do our best to solve any issues and answer your questions in the shortest possible time frames but some delays are possible. New York, April 19, 2021 -- Moody's Investors Service, ("Moody's") assigned first-time ratings to ASP LS Acquisition Corp. 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