Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the company's new CEO, effective immediately. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. 2023 American Securities. . googletag.enableServices(); All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. 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. Your email address will not be published. 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. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. googletag.cmd.push(function() { 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. American Securities and Greenbriar-backed LaserShip to merge with OnTrac Logistics in a $1.3bn deal. 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. VIENNA, Va., Feb. 28, 2023 /PRNewswire-PRWeb/ -- LaserShip/OnTrac, the largest regional e-commerce parcel carrier in the U.S. and leader in e-commerce last-mile delivery, today announced the . LaserShip has agreed to buy Arizona-based OnTrac Logistics. In a news release, the companies said the two will form "a leading national network and solution" for shippers. Manu Aggarwal 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. The deal has generated much excitement in the last-mile delivery world. The company provides same-day and next-day residential delivery services for small parcels (<50 lbs) through its fast growing network of 110+ facilities across 30 states. googletag.cmd.push(function() { SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. 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. gptAdSlots.push(gptSlot); 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. LaserShip / OnTrac is a leading last-mile delivery solutions provider, serving eCommerce retailers. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. 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 . I was amazed how easy it was after I tried itGOOD LUCK.. ROCHESTER, N.Y.--(BUSINESS WIRE)--Eastman Kodak announced today it has acquired the assets of ECRM Incorporated's CTP (computer-to-plate) device business for the graphic arts and newspaper . VIENNA, Va. (PRWEB) February 28, 2023. 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. If your package is marked delivered but you cannot locate it, please submit an inquiry after tracking by choosing " Tracking shows delivered; no package ". 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. 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. For more information, visit ontrac.com. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . LaserShip is funded by American Securities. 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 goal of acquisition is to expand regional last-mile delivery to reach more customers. Copyright 1997-2015, Vocus PRW Holdings, LLC. We support existing CEOs and management teams throughout our partnership, resulting in low leadership turnover. googletag.enableServices(); googletag.pubads().collapseEmptyDivs(); It continues to be such an . 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. We are dedicated to a true partnership with our management teams, our colleagues, our investors, and all others who help us achieve our mission. LaserShip, the premier East Coast last-mile delivery company, and OnTrac, the leading West Coast player in last-mile delivery, together will form the first coast-to-coast partner of choice for last-mile e-commerce deliveries. 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). Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. Our new service enables our combined company to provide delivery solutions on a national scale. However, some perspective is needed before the coronation begins. HERE http://www.workssilver.com. One top executive said that the news was unexpected and that there was no inkling of a change in the works. 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. aharsch@american-securities.com. googletag.pubads().collapseEmptyDivs(); 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. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. }); Duffys background at FleetPride and elsewhere extraordinarily prepares him to succeed in his new role, Martinez said. Text. 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. "Private equity is moving into logistics and supply chains in a huge way," Mr Haber 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. Will received a BA in Government from Connecticut College. Will Manuel, chairman of the LaserShip/OnTrac board and managing director of American Securities, said in a statement. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million revolver expiring 2026 and a $675 million term loan due 2028, and a Caa2 rating to the proposed $205 million second-lien term loan due 2029. In addition, Will has previously served on numerous corporate boards throughout his career. For more information, visit ontrac.com. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. 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. 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. Moodys SF Japan K.K. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. Loaded & Rolling (Enterprise Fleet News/Analysis). Listen to article. 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. Our success is grounded in hard work and rigorous analysis. Media. 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. August 2, 2022Following their late 2021 announcement, in which Vienna, Va.-based LaserShip, the largest regional e-commerce parcel carrier and last-mile delivery services provider, and Chandler, Ariz.-based regional shipping services provider OnTrac, announced they had entered into a definitive agreement to merge, with LaserShip acquiring OnTrac for $1.3 billion, the companies last week stated they are taking a major next step in the process. 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. Further, LaserShip faces high turnover of its independent contractors which could challenge the company's service times and quality.Moody's expects LaserShip to have adequate liquidity, with nominal cash balances balanced by availability under the new $75 million revolver and positive free cash flow, with at least low-single digit free cash flow to debt. Amazon has taken significant share from UPS since it launched its delivery network seven years ago. googletag.pubads().collapseEmptyDivs(); 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. 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. He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. The FedEx-UPS duopoly existed in the B2B world, where delivery schedules, routes and behaviors were predictable and plain vanilla, Jindel said. It provides a more cohesive solution over a much larger geographic area than is currently in place.. Get the latest business insights from Dun & Bradstreet. Following their late 2021 announcement, in which Vienna, Va.-based LaserShip, the largest regional e-commerce parcel carrier and last-mile delivery services provider, and Chandler, Ariz.-based regional shipping services provider OnTrac, announced they had entered into a definitive agreement to merge, with LaserShip acquiring OnTrac for $1.3 billion, the companies last week stated they are . 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. One immediate advantage gained, Skiver said, was added linehaul capability for OnTrac, which currently relies on large shippers to bring volume into its network. Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. Our new facilities in the fast-growing urban megaregion of Austin, Dallas-Fort Worth, Houston, and San Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. 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. 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. Strong growth is likely to continue over the next couple of years as consumers become accustomed to less than two-day delivery times for ecommerce purchases.. (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. 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). The market share changes have been skewed by the growth in e-commerce fulfillment, which tilted delivery volumes to the more competitive business-to-consumer (B2C) segment, and the emergence of Amazon.com Inc. (NASDAQ: AMZN) as a delivery player. 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. Questions about a news article you've read? 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. One of those is . 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. 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. The conventional wisdom is that regional carriers offer competitive rates because of their relatively low overhead. You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. We hope to make the world a better place by giving back to the communities in which we live and work. Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. 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. 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. }); googletag.cmd.push(function() { In addition, Will has previously served on numerous corporate boards throughout his career. }); By 2020, UPS share of the total ground delivery market had fallen to 35%, according to SJ data. 4,330 Followers. 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 . We do our best to solve any issues and answer your questions in the shortest possible time frames but some delays are possible. However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYS IN ANY FORM OR MANNER WHATSOEVER.Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moodys Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. 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. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. Diego Kantt is the current Principal at American Securities.Prior to this, they held Board Member positions at Phoenix Tower International, The Blackstone Group, Metrotel, Phoenix Tower do Brasil, and Neutral Duty Free Shop.. Diego has over 25 years of experience in the retail industry, with a focus on branded products and . 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()); googletag.pubads().collapseEmptyDivs(); 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.. - The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. . googletag.cmd.push(function() { 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. E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. History, however, offers a cautionary tale. Average cost savings when switching to LaserShip. 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. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? OnTrac was founded in 1991 and has become a top choice for e-commerce and companies looking to speed up parcel distribution without the additional costs associated with national carriers. Prior to joining American Securities, Will was a Senior Managing Director at . There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. googletag.pubads().collapseEmptyDivs(); 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 . 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. Many team members at Unicorn Nest are Ukrainians affected by Russian aggression. American Securities Announces Agreement to Sell Milk Specialties Global. googletag.pubads().collapseEmptyDivs(); About LaserShip, Inc. So Amazon sources cheaper options. 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()); 703-761-9030 window.googletag = window.googletag || {cmd: []}; Moody's expects LaserShip to generate positive free cash flow of about 3% of total adjusted debt in 2022. (2 minutes) Last-mile delivery specialist LaserShip Inc. on Friday said it named Mark Holifield chief executive, poaching the veteran supply . It will be the only pure-play national e-commerce solution . window.googletag = window.googletag || {cmd: []}; LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the western half of the U.S., for roughly $1.3 billion. 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.. 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