Fast-growing parcel carrier LaserShip Inc. agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $1.3 billion deal . MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. It will be the only pure-play national e-commerce solution . LaserShip is funded by American Securities. 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. Your email address will not be published. It continues to be such an . MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 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. That didnt appear to be the case pre-pandemic. Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. More than two-thirds of respondents single-sourced to FedEx or UPS, and 70% said it would be too hard to switch because of the operational cost and complexity. 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. About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. 2023 American Securities. googletag.cmd.push(function() { 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. Note: Revenues for privately held companies are statistical evaluations. The leading representative office of defined VC is situated in the New York. 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. 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. +1 (212) 310-8239. nicole.chen@weil.com. 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). It will be the only pure-play national e-commerce solution . 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. If you've already placed an investigation and it's been more . googletag.cmd.push(function() { Associate New York. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. The FedEx-UPS duopoly existed in the B2B world, where delivery schedules, routes and behaviors were predictable and plain vanilla, Jindel said. "The (LaserShip and OnTrac) deals were not made with the idea of stopping there," the person said. Prior to joining American Securities, Will was a Senior Managing Director at . Nicole Chen. googletag.cmd.push(function() { September 8, 2022 American Securities Acquires Meridian Adhesives Group from Arsenal Capital Partners. I make more then $12,000 a month online. 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. 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. There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company. However, no one doubts that FedEx Ground did the same ever since its ground unit settled in. Moody's expects LaserShip to maintain adequate liquidity, with modest cash balances balanced by full availability under its upsized $125 million revolver. If you can't read this PDF, you can view its text here. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. All Rights Reserved. In Private Equity. 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. We maintain the highest personal and corporate ethics through honesty and fair dealing. 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. #LaserShip #ceo #team. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. 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()); NEW YORK and STAMFORD, Conn., March 12, 2021 /PRNewswire/ -- Conair Corporation, a global leader in premium kitchen electric appliances . LaserShip and OnTrac are expanding to Texas! Get the Ecommerce, Marketing & Operations info you need when you need it. 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()); 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). Mike Cavanagh Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. Our new service enables our combined company to provide delivery solutions on a national scale. We do our best to solve any issues and answer your questions in the shortest possible time frames but some delays are possible. Duffy joined LaserShip/OnTracs board last May. Liked by Will Manuel. 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()); He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. 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. One immediate advantage gained, Skiver said, was added linehaul capability for OnTrac, which currently relies on large shippers to bring volume into its network. 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. 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. }); Duffys background at FleetPride and elsewhere extraordinarily prepares him to succeed in his new role, Martinez said. . The sale is expected to close near the end of the month with a tentative date of October 25, 2021. Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. It is today as near to having a national footprint as any company still classified as a regional delivery carrier. 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. 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. Having real competition nationally can potentially reign the runaway price increases weve seen over the past couple of years, he said. When was the last funding round for LaserShip? 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. The combined company will bring together two complementary operating footprints across the United States. Edit Funding Rounds Section. 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. There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. googletag.pubads().enableSingleRequest(); Lasership's annual revenues are $100-$500 million (see exact revenue data) and has over 1,000 employees. 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. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. googletag.pubads().enableSingleRequest(); 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). 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. 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. October 13, 2021. googletag.enableServices(); . But the idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer relationships. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. . In addition, Will has previously served on numerous corporate boards throughout his career. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. 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. 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. 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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. 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 . 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. 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. 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 . . The transaction . About Greenbriar Equity Group 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. gptAdSlots.push(gptSlot); Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. 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. 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. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. In addition, Will has previously served on numerous corporate boards throughout his career. Actual revenue for the fiscal year ended December 31, 2020 was approximately $613 million.The principal methodology used in these ratings was Surface Transportation and Logistics published in May 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1113382. The Company offers pickup and delivery of letters, small packages, and documents. Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. 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. About Greenbriar Equity Group Oct. 22, 2021 12:05 pm ET. Will began his career at Chase Securities in the Mergers & Acquisitions group. 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. The conventional wisdom is that regional carriers offer competitive rates because of their relatively low overhead. 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. 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()); You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. They will operate separately for the balance of the year, with integration taking place in 2022. 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