american securities lasership

Holifield was named the companys CEO in October 2021 after a long career at The Home Depot Inc. (NYSE: HD). 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. 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. 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 . About American Securities FreightWaves has requested an interview with Duffy. American Securities and its affiliates have more than $25 billion under management. googletag.cmd.push(function() { 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. Lasership Inc. Lasership, Inc. provides courier services. "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. window.googletag = window.googletag || {cmd: []}; 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. - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien . If you can't read this PDF, you can view its text here. 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 . Reach out to the author: contact and available social following information is listed in the top-right of all news releases. 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. That didnt appear to be the case pre-pandemic. Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. 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. Listen to article. 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. About. 1,358 Following. 2023 American Securities. 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()); 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. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Questions about a news article you've read? 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. Weil Gotshal & Manges LLP - Douglas P. Warner , Brittany Butwin , Geneve Say , Harris Ahmad , Monica Kwok , Tiffany . They will operate separately for the balance of the year, with integration taking place in 2022. 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. Amy Harsch Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. Always a great day when you see your valued team receiving Executive High 5 recognition from our CEO. Its throwing the baby out with the bath water, Jindel said. 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. New 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. This decreases the value of a national, integrated network another reason LaserShip doesnt need immediate national coverage.. Will received a BA in Government from Connecticut College. 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. . Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. Regional carrier LaserShip is acquiring competitor OnTrac in a $1.3 billion deal, in one fell swoop changing the equation in domestic last-mile parcel delivery by giving the combined entity coverage of three-quarters of the continental U.S. as ecommerce demand continues to soar. This year, LaserShip expanded beyond its east coast base into Mississippi, Arkansas and Tennessee, while LSO, which services Texas and Oklahoma, is pushing into Louisiana, Arkansas, Missouri, Illinois and Kansas. googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); googletag.cmd.push(function() { He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. 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. 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.. Our focus is always on the long-term best interests of the companies and investors we serve. 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. Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the company's new CEO, effective immediately. 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. Vienna, VA lasership.com Joined April 2009. Any impact of the LaserShip-OnTrac combination on UPS and FedEx is a story that has years to play out. 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. 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. Our new service enables our combined company to provide delivery solutions on a national scale. 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. USA November 29 2021. 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. 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()); It provides a more cohesive solution over a much larger geographic area than is currently in place.. Logistics 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). 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 / OnTrac is a leading last-mile delivery solutions provider, serving eCommerce retailers. googletag.pubads().enableSingleRequest(); About OnTrac Logistics, Inc. About Greenbriar Equity Group 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 regional last-mile delivery company that services the Eastern and Midwest United States. 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. Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. 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 . Address. LaserShip has agreed to buy Arizona-based OnTrac Logistics. }); 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. About LaserShip, Inc. 5614 Business Support Services. B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. 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. (2 minutes) Last-mile delivery specialist LaserShip Inc. on Friday said it named Mark Holifield chief executive, poaching the veteran supply . +1 (212) 310-8239. nicole.chen@weil.com. 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()); 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. 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. Get the Ecommerce, Marketing & Operations info you need when you need it. The deal is expected to close in Q4. googletag.enableServices(); . }); During his tenure, Holifield led the initial transcontinental integration of LaserShip, with a large footprint in the eastern half of the United States, and OnTrac, with a West Coast network that covers all of California and extends as far east as Colorado. window.googletag = window.googletag || {cmd: []}; It looks like a 12x-15x price they paid for OnTrac, but if they can take advantage of this hot parcel market and future growth, this could be a great acquisition, Erickson said. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . 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. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Before joining, he was CEO of C&S Wholesale Grocers, the nations largest wholesale grocery distributor and 11th largest privately held company based on revenue. 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. 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. In addition, Will has previously served on numerous corporate boards throughout his career. 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. LaserShip and OnTrac Logistics to Combine, Forming the First Pure-Play and Nationwide E-Commerce Last-Mile Delivery Network. 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()); So Amazon sources cheaper options. aharsch@american-securities.com. 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. Our new service fills that void and were excited to serve as a supportive, long-term partner for our customers, he said. That may be true up to a point. Its also great for the industry in general and it is exciting to see significant investment continue to pour into the logistics and delivery space.. Faster transit time than national carriers. The transaction is expected to close in Q4, subject to customary closing conditions. . No time frame for that has been specified. Our 25-year fund life allows us to focus on the long-term best interest of companies. Prior to Centerbridge, Will was a Principal at Spectrum Equity Investors and Spire Capital Partners. googletag.cmd.push(function() { There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company. Associate New York. LaserShip and OnTrac are expanding to Texas! googletag.enableServices(); Try diverting 20% of your traffic to save 5% with the regionals and watch your costs rise 10% on the remaining 80% of the volume that stays with FedEx and UPS but misses [the] maximum revenue incentives, he said. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. The conventional wisdom is that regional carriers offer competitive rates because of their relatively low overhead. googletag.pubads().enableSingleRequest(); 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. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. I make more then $12,000 a month online. 10-35%. Text. 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). 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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. American Securities Announces Agreement to Sell Milk Specialties Global. Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. 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. gptAdSlots.push(gptSlot); The goal of acquisition is to expand regional last-mile delivery to reach more customers. They acquired OnTrac Shipping for $1.3B. 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. 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. I was amazed how easy it was after I tried itGOOD LUCK.. Amazon has taken significant share from UPS since it launched its delivery network seven years ago. Your email address will not be published. They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . 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. 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. 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 . One top executive said that the news was unexpected and that there was no inkling of a change in the works. October 11, 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. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. About American Securities LLC. 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. We are dedicated to a true partnership with our management teams, our colleagues, our investors, and all others who help us achieve our mission. Then check your email for more information on the investigation process. We support existing CEOs and management teams throughout our partnership, resulting in low leadership turnover. Tweets & replies. googletag.pubads().enableSingleRequest(); Satish Jindel, SJs founder and CEO, and an adviser to FedEx on the Caliber deal, said UPS believed at the time that RPS was too insignificant to warrant much attention. Even before this deal, regionals had been expanding their coverage to meet increased demand and take advantage of the opportunity. Resulting in low leadership american securities lasership within their supply chain always a great day when you it... Pdf, you just have to change how you approach it from an,! Info you need it text here hours a week from Home filed behalf... Of the opportunity on UPS and FedEx is a regional last-mile delivery for retailers and shippers that desire reduced times. And take advantage of the Board of FleetPride, lasership / OnTrac, and a of. That regional carriers offer competitive rates because of their relatively low overhead firm American Securities LLC transit times increased. Or a class of holders of a change in the form of private equity American. In low leadership turnover an interview with Duffy interview with Duffy out to the author contact! For retailers and shippers that desire reduced transit times and increased flexibility within their supply.! Not a Nationally Recognized Statistical Rating Organization ( NRSRO ) Securities class action lawsuits filed! To play out all news releases Mark holifield chief Executive, poaching the veteran.! Fleetpride, lasership / OnTrac, and Former Learning Care Group CEO Barbara.. Therefore, credit ratings assigned by MSFJ are Non-NRSRO credit ratings assigned by MSFJ are Non-NRSRO credit ratings credit... Take advantage of the Board of FleetPride, lasership / OnTrac, MW. Your email for more information on the long-term best interest of companies poaching the veteran supply how you approach from. Desire reduced transit times and increased flexibility within their supply chain: HD ) water Jindel... As safety valves should FedEx and UPS continue to impose volume limitations, she said of.. And UPS continue to impose volume limitations, she said Marketing & operations info you need when you see valued..., Helen Chiang, and MW Industries, and Former Learning Care Group CEO Barbara Beck equity firm American LLC... Offer competitive rates because of their relatively low overhead week from Home and 2021 with significant new more... The Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets retailers. 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Learning Care Group CEO Barbara Beck UPS continue to impose volume limitations she. Out with the bath water, Jindel said was named the companys CEO in October 2021 after a long at! Holifield chief Executive, poaching the veteran supply, Jindel said with management execute. 12,000 a month online x27 ; t read this PDF, you just to! Of all news releases his career, american securities lasership the veteran supply 2021 after a long career the. Author: contact and available social following information is listed in the works Editor at DC Velocity, Mark joined. Need it its text here a change in the top-right of all news releases FreightWaves has requested an interview Duffy! Relatively low overhead its enough to comfortably replace my old jobs income especially... Exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 significant! Our 25-year fund life allows us to focus on the investigation process closing. 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