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. In addition, Will has previously served on numerous corporate boards throughout his career. 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. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. 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. By connecting our East and West Coast delivery footprints and launching our transcontinental service, LaserShip and OnTrac help retailers solve that problem, as we have evolved into a critical part of the e-commerce infrastructure, he said. Moody's expects LaserShip to generate positive free cash flow of about 3% of total adjusted debt in 2022. 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. Copyright 1997-2015, Vocus PRW Holdings, LLC. 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. The combined company will bring together two complementary operating footprints across the United States. However, some perspective is needed before the coronation begins. 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. The official Twitter of LaserShip. Prior to Centerbridge, Will was a Principal at Spectrum Equity Investors and Spire Capital Partners. 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 . American Securities's largest holding is Blue Bird Corp with . LaserShip closed its last funding round on May . It provides a more cohesive solution over a much larger geographic area than is currently in place.. 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 . googletag.pubads().enableSingleRequest(); Listen to article. Both LaserShip and OnTrac have exhibited substantial growth in their ecommerce delivery businesses in 2020 and 2021 with significant new customer wins and substantial increases in delivery volumes, Moodys said. In a news release, the companies said the two will form "a leading national network and solution" for shippers. 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. ROCHESTER, N.Y.--(BUSINESS WIRE)--Eastman Kodak announced today it has acquired the assets of ECRM Incorporated's CTP (computer-to-plate) device business for the graphic arts and newspaper . VIENNA, Va. (PRWEB) February 28, 2023 LaserShip/OnTrac, the largest regional e-commerce parcel carrier in the U.S. and leader in e-commerce last-mile delivery, today announced the appointment of Mike Duffy as the company's new Chief Executive Officer, effective immediately.Mr. 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). The allegations are often complex, and the plaintiffs must prove that the defendant violated securities . 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. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. googletag.pubads().enableSingleRequest(); 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. The combined company will bring together two complementary operating footprints across the United States. window.googletag = window.googletag || {cmd: []}; We enjoy our work and the relationships that come from it. October 11, 2021 However, one of the sources said it's likely that they will be filled in some way and that a national network will emerge. Holifield formally assumed the role on Nov. 8, 2021. The dot-com boom of the late 1990s eventually pushed the Vienna, Virginia-based concern into the parcel-delivery world. For more information, visit ontrac.com. Holifield was named the companys CEO in October 2021 after a long career at The Home Depot Inc. (NYSE: HD). American Securities could fill those gaps through acquisitions or internal expansion. 212-476-8071 MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. In addition, Will has previously served on numerous corporate boards throughout his career. We hope to make the world a better place by giving back to the communities in which we live and work. Questions about your PRWeb account or interested in learning more about our news services? 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.. USA November 29 2021. We do our best to solve any issues and answer your questions in the shortest possible time frames but some delays are possible. Duffy looks great on paper, he said. googletag.pubads().enableSingleRequest(); googletag.cmd.push(function() { . Moodys SF Japan K.K. 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. Read the original article by Jeff Berman in Logistics Management. 703-761-9030 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. It is classified as operating in the Couriers & Express Delivery Services . 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. (FS) Private equity firms American Securities and Greenbriar-backed LaserShip, an e-commerce last-mile delivery services provider, agreed to merge with OnTrac Logistics, a logistics services provider, in a $1.3bn deal. The transaction is expected to close in Q4, subject to customary closing conditions. Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. 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 . "Private equity is moving into logistics and supply chains in a huge way," Mr Haber said. #LaserShip #ceo #team. 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. About OnTrac Logistics, Inc. window.googletag = window.googletag || {cmd: []}; googletag.enableServices(); googletag.pubads().collapseEmptyDivs(); 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. Mike Cavanagh Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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.. }); 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. - The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. 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. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . window.googletag = window.googletag || {cmd: []}; Published March 1, 2023 . 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. 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. LaserShip exhibits seasonality with its cash flows due to working capital swings. googletag.cmd.push(function() { 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. googletag.enableServices(); Questions about a news article you've read? 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. You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. Rob Martinez, founder and co-CEO of consultancy Shipware LLC, said he was surprised by the announcement. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Prior to joining American Securities, Will was a Senior Managing Director at . For more information, visit american-securities.com. I make more then $12,000 a month online. We maintain the highest personal and corporate ethics through honesty and fair dealing. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. The combined company will bring together two complementary operating footprints across the United States. My guess is if LaserShip becomes a national, the other regionals will continue to thrive in the short term, but might be less viable long term as it puts downward pressure on pricing.. 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()); Always a great day when you see your valued team receiving Executive High 5 recognition from our CEO. 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()); Specifically, Skiver added expansion into new markets like Dallas and Chicago could lead to profitable growth for LaserShip. All Rights Reserved. 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