Duffy joined LaserShip/OnTracs board last May. Matt Bohn, a senior consultant with Shipware, said it will be business as usual for now with other regional carriers like LSO, Speedy and Pitt Ohio, but market pressure is sure to follow. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. If your package is marked delivered but you cannot locate it, please submit an inquiry after tracking by choosing " Tracking shows delivered; no package ". 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. 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. Moodys said it expects pursuit of national coverage to continue in 2022, through further acquisitions or expansion of existing assets or both. 2023 American Securities. Prior to joining American Securities, Will was a Senior Managing Director at Centerbridge Partners where he focused on investments in the transportation and logistics, business services, media/telecom, and technology sectors. Get the latest business insights from Dun & Bradstreet. MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. 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. vCard. 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. 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 rating outlook is stable.Proceeds from the first and second lien term loans along with cash equity will be used to finance the purchase of a majority stake of LaserShip by the private equity firm American Securities LLC.The following rating actions were taken:Assignments:..Issuer: ASP LS Acquisition Corp.. Corporate Family Rating, Assigned B3. Probability of Default Rating, Assigned B3-PD.Senior Secured 1st Lien Revolving Credit Facility, Assigned B2 (LGD3).Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3).Senior Secured 2nd Lien Term Loan, Assigned Caa2 (LGD5)Outlook Actions:..Issuer: ASP LS Acquisition Corp..Outlook, Assigned StableRATINGS RATIONALELaserShip's ratings reflect the company's modest scale in the highly competitive e-commerce residential delivery space, relatively limited track record operating at high delivery volumes and elevated financial leverage. 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. 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 . The transaction . Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC. The FedEx-UPS duopoly existed in the B2B world, where delivery schedules, routes and behaviors were predictable and plain vanilla, Jindel said. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . +1 (212) 310-8239. [email protected]. 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. googletag.pubads().collapseEmptyDivs(); 5614 Business Support Services. 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. VIENNA, Va., Feb. 28, 2023 /PRNewswire-PRWeb/ -- LaserShip/OnTrac, the largest regional e-commerce parcel carrier in the U.S. and leader in e-commerce last-mile delivery, today announced the . 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. googletag.cmd.push(function() { 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. The combined company will bring together two complementary operating footprints across the United States. 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. 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.. FreightWaves has requested an interview with Duffy. We hope to make the world a better place by giving back to the communities in which we live and work. 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: []}; Many team members at Unicorn Nest are Ukrainians affected by Russian aggression. gptAdSlots.push(gptSlot); 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. He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. Read the original article by Jeff Berman in Logistics Management. LaserShip is funded by American Securities. Amazon may also be their next new direct competitor., John Haber, president of the parcel business unit at Transportation Insight, also expected further consolidation to follow in parcel/last mile at a rapid pace., This is great news for shippers, Haber said. 4,330 Followers. Logistics Duffy is currently CEO of FleetPride, which is touted as the nations largest distributor of truck and trailer parts. for questions regarding your package. Picard said, however, that the regionals actually dont serve all ZIP codes in their territories, and instead cherry-pick those ZIPs with strong volume density and short transit times. Further, any regulatory changes that negatively impact LaserShip's operating model could also lower the rating. googletag.enableServices(); For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. 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. Weil Gotshal & Manges LLP - Douglas P. Warner , Brittany Butwin , Geneve Say , Harris Ahmad , Monica Kwok , Tiffany . LaserShip has raised 1 round. Tuesdays announcement also caught employees off-guard. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. 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. window.googletag = window.googletag || {cmd: []}; EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. 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. Funding Rounds. 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. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. 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.enableServices(); Rob Martinez, founder and co-CEO of consultancy Shipware LLC, said he was surprised by the announcement. 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. Copyright 1997-2015, Vocus PRW Holdings, LLC. About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. 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