If [LaserShip/OnTrac] doubled in volume capacity which they cant for a very long time theyre still insignificant compared to the behemoths, said Rob Martinez, Shipwares founder and co-CEO. As national carriers continue to implement surcharges and off-schedule rate increases, our transcontinental service gives retailers a proven alternative that can help them diversify their carrier mix, increase flexibility and capacity, and scale their businesses by reaching 74% of the U.S. population across 30 states and Washington, D.C., he noted. 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. Oct. 22, 2021 12:05 pm ET. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. 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.. 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. 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. Average cost savings when switching to LaserShip. #LaserShip #ceo #team. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. Moodys SF Japan K.K. No time frame for that has been specified. 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 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). (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. The combined company will bring together two complementary operating footprints across the United States. 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()); +1 (212) 310-8239. nicole.chen@weil.com. 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. It will be the only pure-play national e-commerce solution . Picard said, however, that the regionals actually dont serve all ZIP codes in their territories, and instead cherry-pick those ZIPs with strong volume density and short transit times. Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. for questions regarding your package. LaserShip's cash flows vary due to seasonal working capital swings. Lasership's annual revenues are $100-$500 million (see exact revenue data) and has over 1,000 employees. The FedEx-UPS duopoly existed in the B2B world, where delivery schedules, routes and behaviors were predictable and plain vanilla, Jindel said. Published March 1, 2023 . 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. 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. Questions about a news article you've read? B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. googletag.cmd.push(function() { About 26% said they increased their use of regional carriers in 2018, though nearly half said they would engage more frequently during 2019. 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. }); Depending on how the holiday season pans out, FedEx Corp. and UPS Inc. will get close to $200 billion in combined annual revenue by the time they finish their reporting years: UPS on Dec. 31 and FedExs the following May 31. 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. The official Twitter of LaserShip. You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. LaserShip is funded by American Securities. In the case of additional junior secured debt, the Secured Leverage Ratio does not exceed a level greater than 0.25x the ratio at the closing date or most recently ended test period. LaserShip is part of a portfolio within American Securities and Greenbriar and said that both companies will provide additional equity financing and continued strategic support for the combined company. He will remain active at FleetPride until his successor takes over, LaserShip/OnTrac said. American Securities could fill those gaps through acquisitions or internal expansion. By connecting our East and West Coast delivery footprints and launching our transcontinental service, LaserShip and OnTrac help retailers solve that problem, as we have evolved into a critical part of the e-commerce infrastructure, he said. 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. About Greenbriar Equity Group 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()); Our 25-year fund life allows us to focus on the long-term best interest of companies. We are dedicated to a true partnership with our management teams, our colleagues, our investors, and all others who help us achieve our mission. }); Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the companys new CEO, effective immediately. 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 taking a major next step in the process. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . Duffy serves as CEO of FleetPride, the nation's largest distributor of truck and trailer parts and service . The outlook is stable. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. 2023 American Securities. . American Securities Announces Agreement to Sell Milk Specialties Global. It will be the only pure-play national e-commerce solution . 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. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. Address. window.googletag = window.googletag || {cmd: []}; 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. 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. E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. 2023 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/OnTrac names new CEO Mike Duffy is currently a board member for the regional parcel carrier and CEO of FleetPride, a truck and trailer parts distributor. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. }); Kelly Picard, CEO of Hackbarth Delivery Services Inc., a regional carrier based in Mobile, Alabama, agreed that even in aggregate the regionals are Lilliputians in the land of the twin giants. Get the latest business insights from Dun & Bradstreet. Loaded & Rolling (Enterprise Fleet News/Analysis). Our new facilities in the fast-growing urban megaregion of Austin, Dallas-Fort Worth, Houston, and San The combined company will bring together two complementary operating footprints across the United States. Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. 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. It is unclear what Holifields next move will be. About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. The Company offers pickup and delivery of letters, small packages, and documents. It is today as near to having a national footprint as any company still classified as a regional delivery carrier. googletag.pubads().enableSingleRequest(); Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. 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. googletag.cmd.push(function() { Your email address will not be published. But the idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer relationships. 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. 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. 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. We hope to make the world a better place by giving back to the communities in which we live and work. At FleetPride, Duffy has overseen over 25 acquisitions. All Rights Reserved. In the short term a combined LaserShip/OnTrac is certainly poised to steal share away as evolving network configurations bring more volume closer to end customers in high-demand areas, said Nate Skiver, founder of LPF Spend Management. Manuel backed it up last month by hiring Mark Holifield, who ran Home Depot Inc.s (NYSE: HD) logistics and supply chain operations for 14 years, as the combined entitys CEO. Holifield formally assumed the role on Nov. 8, 2021. Vienna, VA 22182. lasership.com. 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. 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. 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. Cash collections during the first quarter following the peak holiday season represent a strong period of cash flow while the fourth quarter typically represents weaker cash generation, at which time the company may tap its revolver. Media. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC. If you've already placed an investigation and it's been more . 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. There are no express "blocker" provisions that prohibit the transfer of specified assets to unrestricted subsidiaries; such transfers are permitted subject to carve-out capacity and other conditions. 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. 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. Reach out to the author: contact and available social following information is listed in the top-right of all news releases. Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. Moody's expects LaserShip to maintain adequate liquidity, with modest cash balances balanced by full availability under its upsized $125 million revolver. 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. 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. About OnTrac Logistics, Inc. 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. googletag.pubads().enableSingleRequest(); In addition, Will has previously served on numerous corporate boards throughout his career. Copyright 2023, All Rights Reserved, FreightWaves, Inc, Duffy named to run LaserShip/OnTrac as Holifield steps down. LaserShip closed its last funding round on May . 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. 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. Both LaserShip and OnTrac have exhibited substantial growth in their ecommerce delivery businesses in 2020 and 2021 with significant new customer wins and substantial increases in delivery volumes, Moodys said. Many team members at Unicorn Nest are Ukrainians affected by Russian aggression. AND/OR ITS AFFILIATES. 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. googletag.pubads().collapseEmptyDivs(); Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? We enjoy our work and the relationships that come from it. Amazon has taken significant share from UPS since it launched its delivery network seven years ago. I predict more consolidation of regionals especially with the rate increase being slapped on shippers by UPS and FedEx this year. 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. Diego Kantt is the current Principal at American Securities. Liked by Will Manuel. Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. 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. It does offer LaserShip flexibility to scale operations, dependent on its ability to attract and maintain independent contractors as volumes increase. Specifically, Skiver added expansion into new markets like Dallas and Chicago could lead to profitable growth for LaserShip. Note: Revenues for privately held companies are statistical evaluations. Always a great day when you see your valued team receiving Executive High 5 recognition from our CEO. Logistics In a note to investors, Moodys said the acquisition of OnTrac was a transformative step toward being a national player by combining east and west coast networks. Copyright 1997-2015, Vocus PRW Holdings, LLC. Our new service enables our combined company to provide delivery solutions on a national scale. 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. 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. }); googletag.cmd.push(function() { 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. 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. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. 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. Of warehouse square footage and omnichannel fulfillment ability to attract and maintain contractors! There are many ways to skin the cat and the relationships that come from it due! Are statistical evaluations carrier took virtually everyone by surprise Act 2001 of Taipei City to ensure seamless service for during! 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