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. . Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. "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. 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. Lasership serves customers worldwide. 1,358 Following. googletag.cmd.push(function() { Our 25-year fund life allows us to focus on the long-term best interest of companies. American Securities Announces Agreement to Sell Milk Specialties Global. This allowed the carriers to deliver more packages within specific time windows, and at attractive rates and fewer delivery surcharges. 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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. Prior to Centerbridge, Will was a Principal at Spectrum Equity Investors and Spire Capital Partners. Holifield left Home Depot as its top supply chain executive and his hiring by a regional parcel carrier took virtually everyone by surprise. Rob Martinez, founder and co-CEO of consultancy Shipware LLC, said he was surprised by the announcement. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . We are committed to fostering an inclusive environment that promotes and values diversity. LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the western half of the U.S., for roughly $1.3 billion. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. The combined company will bring together two complementary operating footprints across the United States. googletag.enableServices(); The deal has generated much excitement in the last-mile delivery world. Maintaining positive free cash flow generation with free cash flow-to-debt in the high single-digits range could also result in an upgrade.The ratings could be downgraded if LaserShip loses a major customer or there is rapid turnover of the customer base, especially among the newer customers, inability to increase contribution margin per package at higher volumes, increased competition that strains revenue per package, or higher delivery costs. Vienna, VA 22182. lasership.com. Find company research, competitor information, contact details & financial data for UBS SECURITIES PTE. }); googletag.cmd.push(function() { window.googletag = window.googletag || {cmd: []}; One immediate advantage gained, Skiver said, was added linehaul capability for OnTrac, which currently relies on large shippers to bring volume into its network. 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). Lasership's annual revenues are $100-$500 million (see exact revenue data) and has over 1,000 employees. Get the latest business insights from Dun & Bradstreet. 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. 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. History, however, offers a cautionary tale. 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. 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. Manu Aggarwal American Securities could fill those gaps through acquisitions or internal expansion. }); googletag.cmd.push(function() { I predict more consolidation of regionals especially with the rate increase being slapped on shippers by UPS and FedEx this year. Questions about your PRWeb account or interested in learning more about our news services? There are no express "blocker" provisions that prohibit the transfer of specified assets to unrestricted subsidiaries; such transfers are permitted subject to carve-out capacity and other conditions. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . One top executive said that the news was unexpected and that there was no inkling of a change in the works. Will Manuel joined American Securities in 2016. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. LaserShip's cash flows vary due to seasonal working capital swings. googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); 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. 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. About American Securities 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. Many team members at Unicorn Nest are Ukrainians affected by Russian aggression. 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 . 212-476-8071 FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. Amy Harsch googletag.pubads().collapseEmptyDivs(); Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. 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. Will Manuel, an American Securities managing director who is also LaserShips chairman, has high aspirations for the entity in a delivery world turned upside down by the COVID-19 pandemic. It stands to reason, then, that a merger of regional parcel delivery carriers LaserShip and OnTrac, with $1.7 billion in combined annual revenue between them, wouldnt appear on the giants radar. The transaction is expected to close in Q4, subject to customary closing conditions. It provides a more cohesive solution over a much larger geographic area than is currently in place.. LaserShip exhibits seasonality with its cash flows due to working capital swings. The goal of acquisition is to expand regional last-mile delivery to reach more customers. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. Will Manuel, chairman of the LaserShip/OnTrac board and managing director of American Securities, said in a statement. +1 (212) 310-8239. nicole.chen@weil.com. Vienna, VA lasership.com Joined April 2009. Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? Technology, Media & Telecom. LaserShip was launched in 1986 as a document-delivery company. 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%. Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. Industrial Technology Conair Corporation To Be Acquired By American Securities. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 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()); There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. 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. 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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. 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. 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 . In a statement, Will Manuel, chairman of the board and head of private equity fund American Securities, said he was grateful for Holifields valuable contributions during an important juncture at the delivery company. All Rights Reserved. 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 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. Logistics We are dedicated to a true partnership with our management teams, our colleagues, our investors, and all others who help us achieve our mission. The revolver will be subject to a springing net leverage covenant (ratio to be determined), tested if borrowings exceed 35% of the revolver commitment. 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. 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. So Amazon sources cheaper options. LaserShip has raised 1 round. Cash collections during the first quarter following the peak holiday season represent a strong period of cash flow while the fourth quarter typically represents weaker cash generation, at which time the company may tap its revolver. 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. 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. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC. October 11, 2021 Liked by Will Manuel. Nicole Chen is an associate in Weil's Private Equity practice and is based in New York. When the merger was initially announced, LaserShip and OnTrac said they would form the only pure-play national e-commerce solution in last-mile parcel delivery and enhance customers ability to meet growing demand in the consumer delivery market. Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). Oct. 22, 2021 12:05 pm ET. 703-761-9030 googletag.cmd.push(function() { Edit Funding Rounds Section. 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