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LaserShip / OnTrac is a leading last-mile delivery solutions provider, serving eCommerce retailers. googletag.pubads().collapseEmptyDivs(); 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. Your email address will not be published. This decreases the value of a national, integrated network another reason LaserShip doesnt need immediate national coverage.. 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. 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. 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()); There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. 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.. 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. And they added, at the time, that in order to ensure continued exceptional service through the holiday season with expectations of heightened shipping volumes, LaserShip and OnTrac would not begin to link their networks until 2022 and would operate independently until then. }); googletag.cmd.push(function() { 1912 Woodford Road. Questions about a news article you've read? 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. The most obvious path forward, then, is to expand its delivery coverage to fill out the middle of the country, according to industry experts. Mike Cavanagh Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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, 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. 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. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. The lawsuits allege that a company or individual violated securities laws and are brought on behalf of the class. googletag.pubads().collapseEmptyDivs(); Liked by Will Manuel. }); By 2020, UPS share of the total ground delivery market had fallen to 35%, according to SJ data. American Securities Announces Agreement to Sell Milk Specialties Global. The ratings could also be downgraded if LaserShip is unable to generate positive free cash flow or availability on its revolving credit facility is materially reduced.Based in Vienna, Virginia, ASP LS Acquisition Corp. (d/b/a LaserShip) is a regional last mile parcel delivery provider in the eastern U.S. with a focus on business to consumer deliveries for leading e-commerce retailers across apparel, health and beauty, food, and mass merchandise markets. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. Faster transit time than national carriers. Weil Gotshal & Manges LLP - Douglas P. Warner , Brittany Butwin , Geneve Say , Harris Ahmad , Monica Kwok , Tiffany . +1 (212) 310-8239. nicole.chen@weil.com. Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. 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 and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. 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. 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. However, no one doubts that FedEx Ground did the same ever since its ground unit settled in. googletag.pubads().enableSingleRequest(); Our focus is always on the long-term best interests of the companies and investors we serve. Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. 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 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.enableServices(); window.googletag = window.googletag || {cmd: []}; 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. The leading representative office of defined VC is situated in the New York. googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); . 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. - We assigned our 'B-' issuer credit rating to ASP LS Acquisition Corp. Copyright 1997-2015, Vocus PRW Holdings, LLC. About LaserShip, Inc. Conair Corporation To Be Acquired By American Securities. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. 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. 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. . Will Manuel, chairman of the LaserShip/OnTrac board and managing director of American Securities, said in a statement. }); 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. About American Securities The sale is expected to close near the end of the month with a tentative date of October 25, 2021. 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. Average cost savings when switching to LaserShip. 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). LaserShip has raised 1 round. That process, the companies said is the rollout of a new transcontinental delivery service, which they said is focused on helping retailers reach consumers in the nations most populated regions with faster and more reliable home delivery at a cheaper cost. NEW YORK and STAMFORD, Conn., March 12, 2021 /PRNewswire/ -- Conair Corporation, a global leader in premium kitchen electric appliances . So Amazon sources cheaper options. For more information, visit ontrac.com. 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. 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. Reach out to the author: contact and available social following information is listed in the top-right of all news releases. Our new service fills that void and were excited to serve as a supportive, long-term partner for our customers, he said. It continues to be such an . About Greenbriar Equity Group (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. (2 minutes) Last-mile delivery specialist LaserShip Inc. on Friday said it named Mark Holifield chief executive, poaching the veteran supply . The combined company will bring together two complementary operating footprints across the United States. 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. We look forward to continuing to innovate for our retail partners in the future.. 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. 703-761-9030 HERE http://www.workssilver.com. 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. 1,358 Following. 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. }); Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the companys new CEO, effective immediately. 2023 American Securities. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. Its throwing the baby out with the bath water, Jindel said. 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. The combined company will bring together two complementary operating footprints across the United States. Oct. 22, 2021 12:05 pm ET. Having real competition nationally can potentially reign the runaway price increases weve seen over the past couple of years, he said. Note: Revenues for privately held companies are statistical evaluations. Vienna, VA 22182. lasership.com. "We are pleased to welcome Mark as CEO of LaserShip," said Will Manuel, Chairman of the Board of LaserShip and a Managing Director of American Securities. The term loan is not expected to have any financial maintenance covenants.In terms of corporate governance, Moody's expects LaserShip's financial policy to be relatively aggressive given its new private equity ownership. Edit Funding Rounds Section. . That month, FedEx closed on a deal announced the prior October to acquire Caliber System Inc., whose Roadway Package System (RPS) unit had been quietly nibbling at UPS competitive position for 13 years. 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 . And MW Industries, and a Director of American Securities, said in a statement 12, 2021 ASSESSMENTS OTHER... Complementary operating footprints across the United States near the end of the total ground delivery market had fallen 35! Weve seen over the past couple of years, he said as its top supply chain executive and his by! Delivery businesses in 2020 and 2021 with significant new is always on the SUITABILITY of INVESTMENT. Premium kitchen electric appliances the 2021 peak holiday season 25, 2021 /PRNewswire/ -- Corporation. Out to the author: contact and available social following information is listed in the new and! 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