Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. Find company research, competitor information, contact details & financial data for UBS SECURITIES PTE. googletag.pubads().collapseEmptyDivs(); 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. Logistics The official Twitter of LaserShip. That may be true up to a point. 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. The survey found that 74% were not using regional carriers, and just 7% were engaged with them in a significant way. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. 2023 American Securities. 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. 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()); }); googletag.cmd.push(function() { googletag.cmd.push(function() { 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. 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. LaserShip and OnTrac are expanding to Texas! The revolver will be subject to a springing net leverage covenant (ratio to be determined), tested if borrowings exceed 35% of the revolver commitment. 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. Copyright 2023, All Rights Reserved, FreightWaves, Inc, Duffy named to run LaserShip/OnTrac as Holifield steps down. 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. 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. 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 . They acquired OnTrac Shipping for $1.3B. Moody's expects LaserShip to maintain adequate liquidity, with modest cash balances balanced by full availability under its upsized $125 million revolver. American Securities and its affiliates have more than $25 billion under management. American Securities's largest holding is Blue Bird Corp with . 5614 Business Support Services. Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. Tweets & replies. About OnTrac Logistics, Inc. 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. Last-mile delivery reaching over 140M people in the U.S.! 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. Their last reported 13F filing for Q4 2022 included $102,067,907 in managed 13F securities and a top 10 holdings concentration of 100.0%. Specifically, Skiver added expansion into new markets like Dallas and Chicago could lead to profitable growth for LaserShip. Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. 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. . In addition, Will has previously served on numerous corporate boards throughout his career. "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. VIENNA, Va. and CHANDLER, Ariz. (PRWEB) October 13, 2021. The lawsuits allege that a company or individual violated securities laws and are brought on behalf of the class. This was a Private Equity round raised on May 1, 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. googletag.pubads().collapseEmptyDivs(); There has been industry talk for several years about regional carriers joining forces to stitch together a national network and seriously challenge UPS and FedEx. }); 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. Nicole Chen is an associate in Weil's Private Equity practice and is based in New York. If you can't read this PDF, you can view its text here. LaserShip / OnTrac is a leading last-mile delivery solutions provider, serving eCommerce retailers. 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. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. Always a great day when you see your valued team receiving Executive High 5 recognition from our CEO. The allegations are often complex, and the plaintiffs must prove that the defendant violated securities . We aim to be respectful in all of our interactions. It provides a more cohesive solution over a much larger geographic area than is currently in place.. It will be the only pure-play national e-commerce solution . The transaction is expected to close in Q4, subject to customary closing conditions. There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. By continuing to access this document from within Australia, you represent to MOODYS that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act 2001. . Number of Funding Rounds 1. For more information, visit american-securities.com. In Private Equity. Manu Aggarwal 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. So Amazon sources cheaper options. . The combined company will bring together two complementary operating footprints across the United States. Prior to Centerbridge, Will was a Principal at Spectrum Equity Investors and Spire Capital Partners. The combined company will bring together two complementary operating footprints across the United States. 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 . Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. 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. 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. The efficiencies generated by these routes are effectively passed on to the shipper, which explains why the regionals price-service proposition can be appealing, she said. Then check your email for more information on the investigation process. American Securities and Greenbriar, which own LaserShip, will provide additional equity financing for the deal and continue to provide strategic support for the combined company. 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. 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