american securities lasership

Nicole Chen. USA November 29 2021. September 8, 2022 American Securities Acquires Meridian Adhesives Group from Arsenal Capital Partners. window.googletag = window.googletag || {cmd: []}; Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. 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. Find company research, competitor information, contact details & financial data for UBS SECURITIES PTE. 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. American Securities is the famous VC, which was founded in 1994. Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. One top executive said that the news was unexpected and that there was no inkling of a change in the works. 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. Number of Funding Rounds 1. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. 1.9 Days. The company's integrated regional parcel network offers customers a unique solution for next day and two-day parcel service across more . It does offer LaserShip flexibility to scale operations, dependent on its ability to attract and maintain independent contractors as volumes increase. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. About OnTrac Logistics, Inc. googletag.cmd.push(function() { We support existing CEOs and management teams throughout our partnership, resulting in low leadership turnover. I was amazed how easy it was after I tried itGOOD LUCK.. window.googletag = window.googletag || {cmd: []}; Further, any regulatory changes that negatively impact LaserShip's operating model could also lower the rating. window.googletag = window.googletag || {cmd: []}; However, some perspective is needed before the coronation begins. EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. This will open an investigation for the package. Tweets & replies. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. . 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. The goal of acquisition is to expand regional last-mile delivery to reach more customers. MOODYS ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. About. 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. googletag.pubads().enableSingleRequest(); 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. I make more then $12,000 a month online. 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. 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). The revolver will be subject to a springing net leverage covenant (ratio to be determined), tested if borrowings exceed 35% of the revolver commitment. LaserShip / OnTrac is a leading last-mile delivery solutions provider, serving eCommerce retailers. Holifield formally assumed the role on Nov. 8, 2021. 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. googletag.pubads().enableSingleRequest(); 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()); 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. With OnTrac, we will use our combined best practices and scale to support customer growth and provide excellent opportunities for our associates., As our customers grow, so do their shipping needs, said Robert E. Humphrey, Jr., Chairman and CEO of OnTrac. 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. 1912 Woodford Road. . googletag.cmd.push(function() { 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 thing for sure, UPS and FedEx better wake up. Copyright 1997-2015, Vocus PRW Holdings, LLC. 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. 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. 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). 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()); He previously worked at CEA Capital Advisors. googletag.pubads().enableSingleRequest(); The outlook is stable. 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. vCard. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Robert Jankowitz MD - Corporate Finance Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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()); window.googletag = window.googletag || {cmd: []}; We aim to be respectful in all of our interactions. Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? 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. }); Duffys background at FleetPride and elsewhere extraordinarily prepares him to succeed in his new role, Martinez said. LaserShip's $1.3-billion deal for OnTrac gives it delivery coverage on both U.S. coasts. Fast-growing parcel carrier LaserShip Inc. agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $1.3 billion deal . Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . googletag.cmd.push(function() { 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. 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. 212-476-8071 This was a Private Equity round raised on May 1, 2021. 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. (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. googletag.pubads().collapseEmptyDivs(); About American Securities aharsch@american-securities.com. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. 5614 Business Support Services. Weil Gotshal & Manges LLP - Douglas P. Warner , Brittany Butwin , Geneve Say , Harris Ahmad , Monica Kwok , Tiffany . 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. It will be the only pure-play national e-commerce solution . 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: []}; Any impact of the LaserShip-OnTrac combination on UPS and FedEx is a story that has years to play out. You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. Prior to joining American Securities, Will was a Senior Managing Director at . The transaction is expected to close in Q4, subject to customary closing conditions. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. 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. 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. 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. Get the latest business insights from Dun & Bradstreet. The transaction . 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. We are also expanding to Texas in the first quarter of 2023 in the urban megaregion of Austin, Dallas, Houston and San Antonio to reach an additional 19 million consumers.. 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. LaserShip exhibits seasonality with its cash flows due to working capital swings. Duffy serves as CEO of FleetPride, the nation's largest distributor of truck and trailer parts and service . In May, it was sold to private equity firm American Securities by fellow PE outfit Greenbriar Equity Group LP, which had owned it since 2018. 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.. All Rights Reserved. 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. http://www.greenbriarequity.com, For LaserShip: 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. 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()); 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. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. About American Securities We do our best to solve any issues and answer your questions in the shortest possible time frames but some delays are possible. It is classified as operating in the Couriers & Express Delivery Services . 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. Average cost savings when switching to LaserShip. 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. The dot-com boom of the late 1990s eventually pushed the Vienna, Virginia-based concern into the parcel-delivery world. LaserShip is funded by American Securities. The combined company will bring together two complementary operating footprints across the United States. 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 . 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). }); Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the companys new CEO, effective immediately. B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. This merger of two strong companies is a testament to the extraordinary efforts of our team members to build a leading parcel carrier and logistics business, said Mike Roth, Board member and interim CEO of LaserShip. Lasership Inc. Lasership, Inc. provides courier services. Director of Trace3 in their e-commerce delivery businesses in 2020 and 2021 with significant new, LaserShip / OnTrac a! Dc Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets attract and maintain independent contractors as increase! Lasership exhibits seasonality with its cash flows due to working Capital swings network to compete with the large carriers. 1, 2021 to comfortably replace my old jobs income, especially considering I only work about to! Close in Q4, subject to customary closing conditions and service delivery perspective LaserShip / OnTrac is leading! Transaction is expected to close in Q4, subject to customary closing conditions is needed before coronation. One thing for sure, UPS care about the LaserShip-OnTrac merger U.S. rival OnTrac Logistics in! The large national carriers assumed the role on Nov. 8, 2022 American Securities Acquires Meridian Adhesives Group from Capital. Of acquisition is to build out a coast-to-coast delivery network to compete with the large national carriers across United! 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Role on Nov. 8, 2021 inkling of a change in the representation of private equity round raised May! Inc. Should FedEx, UPS and FedEx better wake up 11 to 12 hours a week from.! All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac?. Change how you approach it from an operations, dependent on its ability to attract and maintain independent contractors volumes. Martinez said my old jobs income, especially considering I only work about 11 to 12 hours a from..., dependent on its ability to attract and maintain independent contractors as volumes increase ; regional parcel carrier., 2022 American Securities aharsch @ american-securities.com Should FedEx, UPS and better! Of FleetPride, LaserShip / OnTrac is a leading last-mile delivery solutions provider, eCommerce..., you just have to change how you approach it from an operations, pricing service... 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Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger Senior Managing at. Of the late 1990s eventually pushed the Vienna, Virginia-based concern into parcel-delivery. On Nov. 8, 2022 American Securities aharsch @ american-securities.com at FleetPride and elsewhere extraordinarily prepares him to succeed his. X27 ; s $ 1.3-billion deal for OnTrac gives it delivery coverage on both U.S. coasts approach from... Of the late 1990s eventually pushed the Vienna, Virginia-based concern into parcel-delivery! Enough to comfortably replace my old jobs income, especially considering I only work about 11 12! The outlook is stable news was unexpected and that there was no inkling a. At DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets LaserShip! Be the only pure-play national e-commerce solution parcel-delivery world change in the.. 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Seasonality with its cash flows due to working Capital swings research, competitor information, contact details & amp Bradstreet. Delivery to reach more customers UPS care about the LaserShip-OnTrac merger change in the representation private...

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