It continues to be such an . Get the Ecommerce, Marketing & Operations info you need when you need it. googletag.cmd.push(function() { 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. FreightWaves has requested an interview with Duffy. We are committed to fostering an inclusive environment that promotes and values diversity. googletag.pubads().collapseEmptyDivs(); Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. UPS and FedEx fail to understand that the guy in Manhattan has different expectations of when a package arrives than the guy in Pittsburgh or Boulder. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. One thing for sure, UPS and FedEx better wake up. Our 25-year fund life allows us to focus on the long-term best interest of companies. 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. 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. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. Many team members at Unicorn Nest are Ukrainians affected by Russian aggression. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. 1912 Woodford Road. Satish Jindel, president of Shipmatrix, said the LaserShip/OnTrac deal proved there is money to be made in B2C delivery, running counter to the duopolys growing focus on shifting the mix toward more profitable B2B shipments. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. Lasership Inc. Lasership, Inc. provides courier services. American Securities is the famous VC, which was founded in 1994. About 26% said they increased their use of regional carriers in 2018, though nearly half said they would engage more frequently during 2019. googletag.cmd.push(function() { 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. And they added that this service will connect the companies East and West Coast delivery footprints, moving packages both way in three days. 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. pr@lasership.com, For American Securities: aharsch@american-securities.com. 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. 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. Two-plus decades of share erosion in its core business have taught UPS not to repeat that behavior if and when a new model walks on the field, Jindel said. http://www.greenbriarequity.com, For LaserShip: 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. We maintain the highest personal and corporate ethics through honesty and fair dealing. Associate New York. About LaserShip, Inc. 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 . All Rights Reserved. About LaserShip, Inc. Rob Martinez, founder and co-CEO of consultancy Shipware LLC, said he was surprised by the announcement. LaserShip closed its last funding round on May . Vienna, Virginia-based LaserShips mid-October $1.3 billion purchase of Chandler, Arizona-based OnTrac will forge the first nationwide provider built from regional networks. (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. 4,330 Followers. 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. , Diversified Healthcare: Q4 Earnings Snapshot, UPDATE 1-US pick to head World Bank, ex-Mastercard CEO Banga, starts 'charm offensive', UPDATE 1-Cardinal Health, McKesson prevail in Georgia families' opioid trial, Asian Stocks Face Pressure as Yields Move Higher: Markets Wrap, UPDATE 1-US Supreme Court doubt over student debt relief looms over Biden agenda. This will open an investigation for the package. Industrial Technology LaserShip has acquired OnTrac Shipping on Oct 13, 2021. LaserShip exhibits seasonality with its cash flows due to working capital swings. About. 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. 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. 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. HERE http://www.workssilver.com. (2 minutes) Last-mile delivery specialist LaserShip Inc. on Friday said it named Mark Holifield chief executive, poaching the veteran supply . About American Securities . In addition, Will has previously served on numerous corporate boards throughout his career. Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the company's new CEO, effective immediately. 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. NEW YORK and STAMFORD, Conn., March 12, 2021 /PRNewswire/ -- Conair Corporation, a global leader in premium kitchen electric appliances . googletag.enableServices(); Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company. Amazon has taken significant share from UPS since it launched its delivery network seven years ago. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. In 2018, Shipware surveyed shippers with a collective $2.5 billion in annual parcel spend. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. 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. 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. 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). Tweets & replies. However, no one doubts that FedEx Ground did the same ever since its ground unit settled in. "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. So Amazon sources cheaper options. If you can't read this PDF, you can view its text here. Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. Prior to joining American Securities, Will was a Senior Managing Director at Centerbridge Partners where he focused on investments in the transportation and logistics, business services, media/telecom, and technology sectors. The combined company will bring together two complementary operating footprints across the United States. 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 . 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. Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. 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.. window.googletag = window.googletag || {cmd: []}; For more information, visit ontrac.com. LaserShip has raised 1 round. AND/OR ITS AFFILIATES. 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. . We hope to make the world a better place by giving back to the communities in which we live and work. }); googletag.cmd.push(function() { 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. 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. 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. 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. LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the western half of the U.S., for roughly $1.3 billion. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. 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. About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. When was the last funding round for LaserShip? They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. 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 has agreed to buy Arizona-based OnTrac Logistics. Holifield formally assumed the role on Nov. 8, 2021. Edit Funding Rounds Section. 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 . 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. It will be the only pure-play national e-commerce solution in last-mile parcel delivery and will enhance customers ability to meet growing demand in the consumer delivery market. Liked by Will Manuel. American Securities and Greenbriar-backed LaserShip to merge with OnTrac Logistics in a $1.3bn deal. The combined company plans an expansion into the Texas market in the very near future and to eventually add Chicago to its network. 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. One of those is . B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. 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. 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. The FedEx-UPS duopoly existed in the B2B world, where delivery schedules, routes and behaviors were predictable and plain vanilla, Jindel said. 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 and/or $50 million to $200 million of EBITDA. 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. Rating Action: Moody's assigns B3 CFR to LaserShip; outlook stableGlobal Credit Research - 19 Apr 2021New 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. Read the original article by Jeff Berman in Logistics Management. 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. 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