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The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. So Amazon sources cheaper options. Manu Aggarwal American Securities and its affiliates have more than $25 billion under management. 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.. for questions regarding your package. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. 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. They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. However, the ace in the hole for the big boys is their customers fears of losing volume discounts should they shift even some of their business. If you've already placed an investigation and it's been more . Note: Revenues for privately held companies are statistical evaluations. LaserShip and OnTrac are expanding to Texas! That may be true up to a point. October 13, 2021. The combined company will bring together two complementary operating footprints across the United States. 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. There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. For more information, visit american-securities.com. 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. Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. Our focus is always on the long-term best interests of the companies and investors we serve. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. 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. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. Questions about a news article you've read? We hope to make the world a better place by giving back to the communities in which we live and work. Try diverting 20% of your traffic to save 5% with the regionals and watch your costs rise 10% on the remaining 80% of the volume that stays with FedEx and UPS but misses [the] maximum revenue incentives, he said. 10-35%. Over the course of his career, Solomon has covered nearly the whole gamut of the transportation and logistics industry, including trucking, railroads, maritime, 3PLs, and regulatory issues. 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). googletag.pubads().enableSingleRequest(); Mike Cavanagh Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. Amazon has taken significant share from UPS since it launched its delivery network seven years ago. At FleetPride, Duffy has overseen over 25 acquisitions. This merger of two strong companies is a testament to the extraordinary efforts of our team members to build a leading parcel carrier and logistics business, said Mike Roth, Board member and interim CEO of LaserShip. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. 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()); 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. googletag.enableServices(); September 8, 2022 American Securities Acquires Meridian Adhesives Group from Arsenal Capital Partners. Published March 1, 2023 . Liked by Will Manuel. 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. 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.. . "If [LaserShip/OnTrac] doubled in volume . This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. googletag.cmd.push(function() { In addition, Will has previously served on numerous corporate boards throughout his career. This was a Private Equity round raised on May 1, 2021. . The sale is expected to close near the end of the month with a tentative date of October 25, 2021. Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. 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. }); Duffys background at FleetPride and elsewhere extraordinarily prepares him to succeed in his new role, Martinez said. 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. . 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. It provides a more cohesive solution over a much larger geographic area than is currently in place.. Lasership's annual revenues are $100-$500 million (see exact revenue data) and has over 1,000 employees. googletag.pubads().enableSingleRequest(); 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. 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. About. The combined company will bring together two complementary operating footprints across the United States. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . We support existing CEOs and management teams throughout our partnership, resulting in low leadership turnover. The OnTrac network provides companies an affordable way to speed up ground delivery so they can lower their shipping costs and delight their customers with world-class service. LaserShip has raised 1 round. He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. The goal of acquisition is to expand regional last-mile delivery to reach more customers. 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. . 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. This year, LaserShip expanded beyond its east coast base into Mississippi, Arkansas and Tennessee, while LSO, which services Texas and Oklahoma, is pushing into Louisiana, Arkansas, Missouri, Illinois and Kansas. Loaded & Rolling (Enterprise Fleet News/Analysis). When the merger was initially announced, LaserShip and OnTrac said they would form the only pure-play national e-commerce solution in last-mile parcel delivery and enhance customers ability to meet growing demand in the consumer delivery market. The company's integrated regional parcel network offers customers a unique solution for next day and two-day parcel service across more . OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. 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. 2023 American Securities. Holifield was named the companys CEO in October 2021 after a long career at The Home Depot Inc. (NYSE: HD). Our 25-year fund life allows us to focus on the long-term best interest of companies. 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()); Industrial Technology Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? 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. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). Questions about your PRWeb account or interested in learning more about our news services? 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. Our new service enables our combined company to provide delivery solutions on a national scale. To focus on the long-term best interest of companies on MAY 1, 2021. in his role! Aggarwal American Securities Acquires Meridian Adhesives Group from Arsenal Capital Partners Meridian Adhesives Group from Arsenal Partners! 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