(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. 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 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. 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. Note: Revenues for privately held companies are statistical evaluations. About 26% said they increased their use of regional carriers in 2018, though nearly half said they would engage more frequently during 2019. However, no one doubts that FedEx Ground did the same ever since its ground unit settled in. Solomon began his journalistic career in 1982 at Traffic World magazine, ran his own public relations firm (Media Based Solutions) from 1994 to 2008, and has been at DC Velocity since then. Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. The transaction is expected to close in Q4, subject to customary closing conditions. 2023 American Securities. 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. window.googletag = window.googletag || {cmd: []}; 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 . The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. 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. Loaded & Rolling (Enterprise Fleet News/Analysis). To ensure continued exceptional service through the holiday season with expectations of heightened shipping volumes, LaserShip and OnTrac will not begin to link their networks until 2022 and will operate independently until that time. gptAdSlots.push(gptSlot); Then check your email for more information on the investigation process. Will Manuel, chairman of the LaserShip/OnTrac board and managing director of American Securities, said in a statement. "Private equity is moving into logistics and supply chains in a huge way," Mr Haber said. A same-day delivery done by FedEx could cost Amazon $50, according to Kevin Porter, who has worked for LaserShip, FedEx, and UPS as a courier. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. The official Twitter of LaserShip. Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. window.googletag = window.googletag || {cmd: []}; 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()); googletag.pubads().enableSingleRequest(); 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. 1.9 Days. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. 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. 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. And they added that this service will connect the companies East and West Coast delivery footprints, moving packages both way in three days. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC. Technology, Media & Telecom. window.googletag = window.googletag || {cmd: []}; It is unclear what Holifields next move will be. 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.. FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. 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. About American Securities 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. 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. It will be the only pure-play national e-commerce solution . MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. 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. Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. . 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. One top executive said that the news was unexpected and that there was no inkling of a change in the works. Published March 1, 2023 . 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. Founded in 1986, LaserShip is based in Vienna, Virginia and has sorting centers in New Jersey, Ohio, North Carolina, and Florida.. As of 2016, LaserShip has 63 distribution centers and four sorting centers servicing 22 states and Washington, D.C., and handles deliveries for Amazon's Same Day . Holifield was named the companys CEO in October 2021 after a long career at The Home Depot Inc. (NYSE: HD). So Amazon sources cheaper options. It will be the only pure-play national e-commerce solution . Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. Mike Cavanagh Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. 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()); googletag.enableServices(); Prior to joining American Securities, Will was a Senior Managing Director at . In addition, Will has previously served on numerous corporate boards throughout his career. This was a Private Equity round raised on May 1, 2021. 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. 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. 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()); 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. Conair Corporation To Be Acquired By American Securities. We are dedicated to a true partnership with our management teams, our colleagues, our investors, and all others who help us achieve our mission. Moody's expects LaserShip to maintain adequate liquidity, with modest cash balances balanced by full availability under its upsized $125 million revolver. Faster transit time than national carriers. Loaded & Rolling (Enterprise Fleet News/Analysis). Text. When was the last funding round for LaserShip? 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 sale is expected to close near the end of the month with a tentative date of October 25, 2021. . The revolver will be subject to a springing net leverage covenant (ratio to be determined), tested if borrowings exceed 35% of the revolver commitment. 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. http://www.greenbriarequity.com, For LaserShip: Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. 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. Media. For more information, visit ontrac.com. googletag.enableServices(); Lasership Inc. Lasership, Inc. provides courier services. Copyright 1997-2015, Vocus PRW Holdings, LLC. The dot-com boom of the late 1990s eventually pushed the Vienna, Virginia-based concern into the parcel-delivery world. Regional carriers, including LaserShip and OnTrac, are already at or near full capacity, and its uncertain at best how much of FedExs and UPS share they could take and still adequately service the accounts, Shipware said. There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. 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. Its throwing the baby out with the bath water, Jindel said. 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. Our success is grounded in hard work and rigorous analysis. Will received a BA in Government from Connecticut College. The parcel-delivery world executive said that the news was unexpected and that there was no of! 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