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. 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. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. At FleetPride, Duffy has overseen over 25 acquisitions. 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. 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.. , Diversified Healthcare: Q4 Earnings Snapshot, UPDATE 1-US pick to head World Bank, ex-Mastercard CEO Banga, starts 'charm offensive', UPDATE 1-Cardinal Health, McKesson prevail in Georgia families' opioid trial, Asian Stocks Face Pressure as Yields Move Higher: Markets Wrap, UPDATE 1-US Supreme Court doubt over student debt relief looms over Biden agenda. 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()); Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? 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. . Its throwing the baby out with the bath water, Jindel said. About LaserShip, Inc. Logistics Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Associate New York. LaserShip's cash flows vary due to seasonal working capital swings. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. 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. Funding Rounds. }); googletag.cmd.push(function() { Holifield formally assumed the role on Nov. 8, 2021. Fast-growing parcel carrier LaserShip Inc. agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $1.3 billion deal . 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.. In a deal that banking sources said was consummated about two weeks ago, regional parcel delivery carrier LaserShip, which is owned by PE firm American Securities LLC, acquired fellow regional carrier OnTrac for what is believed to be $1.3 billion, a significant sum for a regional parcel company. Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. The deal is expected to close in Q4. googletag.pubads().enableSingleRequest(); The leading representative office of defined VC is situated in the New York. . American Securities LLC (originally named American Securities Capital Partners (ASCP)), is an American private equity firm based in New York with an office in Shanghai that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA.American Securities and its affiliates have . LaserShip has announced intentions to buy OnTrac Logistics, which predominantly services the western half of the U.S., for roughly $1.3 billion. 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. googletag.pubads().enableSingleRequest(); However, some perspective is needed before the coronation begins. 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. var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[728, 90], [468, 60], [300, 100], [320, 50]], 'div-gpt-ad-b1-i-fw-ad-1').defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads()); The Company offers pickup and delivery of letters, small packages, and documents. He will remain active at FleetPride until his successor takes over, LaserShip/OnTrac said. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. "The (LaserShip and OnTrac) deals were not made with the idea of stopping there," the person said. . googletag.pubads().enableSingleRequest(); For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. 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. 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. 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. #LaserShip #ceo #team. 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. ASP LS Acquisition Corp. (d/b/a LaserShip), a Vienna, Va.-based regional last-mile package delivery service provider, has entered into an agreement to be acquired by American Securities LLC. 5614 Business Support Services. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. Edit Funding Rounds Section. 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. When LaserShip and OnTrac first announced the merger, Rob Martinez, founder and co-CEO for San Diego-based Shipware, an audit and parcel consulting services company, told LM that it should be viewed as good news for parcel shippers, as the parcel industry has been clamoring for alternatives to FedEx and UPS for years. 2023 American Securities. Nicole participates in the representation of private equity sponsors and their portfolio companies with respect to mergers, acquisitions and divestitures. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. 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. 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 . Recent increases in volumes have improved operating leverage, but sustainability of network efficiencies at high volume and higher earnings margin have yet to be demonstrated.LaserShip's business model utilizes independent contractors for deliveries that provides a cost advantage to offer lower rates to customers for smaller, low-priced packages compared to traditional large network competitors. 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. VIENNA, Va. and CHANDLER, Ariz. (PRWEB) 703-761-9030 Many team members at Unicorn Nest are Ukrainians affected by Russian aggression. The goal of acquisition is to expand regional last-mile delivery to reach more customers. . 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. Our new service enables our combined company to provide delivery solutions on a national scale. UPS and FedEx fail to understand that the guy in Manhattan has different expectations of when a package arrives than the guy in Pittsburgh or Boulder. Lasership Inc. Lasership, Inc. provides courier services. googletag.pubads().collapseEmptyDivs(); There is a player that might be emerging on the U.S. parcel delivery landscape: private equity. Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. 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. The number of new customers has increased rapidly of late, and remains to be seen whether the company can service all of its customers at the required service levels. 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. Note: Revenues for privately held companies are statistical evaluations. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. 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. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. googletag.pubads().enableSingleRequest(); 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. This was a Private Equity round raised on May 1, 2021. 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. About American Securities LLC. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . Diego Kantt is the current Principal at American Securities. 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. One top executive said that the news was unexpected and that there was no inkling of a change in the works. The official Twitter of LaserShip. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. VIENNA, Va. (PRWEB) February 28, 2023. 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. Questions about a news article you've read? googletag.pubads().collapseEmptyDivs(); The transaction is expected to close in Q4, subject to customary closing conditions. 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. Nicole Chen. 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. But the idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer relationships. 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. 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 . for questions regarding your package. 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. The market share changes have been skewed by the growth in e-commerce fulfillment, which tilted delivery volumes to the more competitive business-to-consumer (B2C) segment, and the emergence of Amazon.com Inc. (NASDAQ: AMZN) as a delivery player. 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. 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. . 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 . When was the last funding round for LaserShip? Moody's expects LaserShip to maintain adequate liquidity, with modest cash balances balanced by full availability under its upsized $125 million revolver. 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. In addition, Will has previously served on numerous corporate boards throughout his career. 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. Listen to article. 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. 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. 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. 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. EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. LaserShip is funded by American Securities. (2 minutes) Last-mile delivery specialist LaserShip Inc. on Friday said it named Mark Holifield chief executive, poaching the veteran supply . googletag.cmd.push(function() { 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. 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. 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. 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. Prior to joining American Securities, Will was a Senior Managing Director at . 4,330 Followers. Loaded & Rolling (Enterprise Fleet News/Analysis). Manu Aggarwal Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. 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. 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. In 2018, Shipware surveyed shippers with a collective $2.5 billion in annual parcel spend. LTD. TAIPEI BRANCH of Taipei City. 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. 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.. Will Manuel, chairman of the LaserShip/OnTrac board and managing director of American Securities, said in a statement. In terms of the competitive benefits the networks launch provides, Dinneen said it goes back to how retailers have had to balance consumer expectations of free and fast home delivery with rising delivery rates, surcharges, and capacity constraints that erode profitability and customer satisfaction. Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. Reach out to the author: contact and available social following information is listed in the top-right of all news releases. 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. 1.9 Days. Last-mile delivery reaching over 140M people in the U.S.! 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. Vienna, VA 22182. lasership.com. It continues to be such an . HERE http://www.workssilver.com. 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. For more information, visit ontrac.com. He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the company's new CEO, effective immediately. LaserShip / OnTrac is a leading last-mile delivery solutions provider, serving eCommerce retailers. Copyright 2023, All Rights Reserved, FreightWaves, Inc, Duffy named to run LaserShip/OnTrac as Holifield steps down. October 11, 2021 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. No time frame for that has been specified. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . Holifield was named the companys CEO in October 2021 after a long career at The Home Depot Inc. (NYSE: HD). Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. In Private Equity. 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()); This decreases the value of a national, integrated network another reason LaserShip doesnt need immediate national coverage.. I make more then $12,000 a month online. If you've already placed an investigation and it's been more . 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. googletag.pubads().collapseEmptyDivs(); The FedEx-UPS duopoly existed in the B2B world, where delivery schedules, routes and behaviors were predictable and plain vanilla, Jindel said. However, one of the sources said it's likely that they will be filled in some way and that a national network will emerge. window.googletag = window.googletag || {cmd: []}; All Rights Reserved. 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. We look forward to continuing to innovate for our retail partners in the future.. NEW YORK and STAMFORD, Conn., March 12, 2021 /PRNewswire/ -- Conair Corporation, a global leader in premium kitchen electric appliances . They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. The combined company will bring together two complementary operating footprints across the United States. window.googletag = window.googletag || {cmd: []}; 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. Then check your email for more information on the investigation process. He is currently Chairman of the Board of FleetPride, LaserShip / OnTrac, and MW Industries, and a Director of Trace3. gptAdSlots.push(gptSlot); LaserShip has raised 1 round. window.googletag = window.googletag || {cmd: []}; Will Manuel joined American Securities in 2016. We seek to continuously build human capital. The most obvious path forward, then, is to expand its delivery coverage to fill out the middle of the country, according to industry experts. LaserShip is a leading provider of same-day and next-day delivery services in the eastern and Midwest U.S. LaserShip partners with more than 5,000 independent contractors to make residential and business deliveries for some of the world's largest retailers using an integrated hub-and-spoke delivery network. 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. USA November 29 2021. 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.enableServices(); FedEx and UPS have far from perfected deliveries in this world, and therein lies the chance for the merged entity and for regional carriers to make inroads, he said. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. Having real competition nationally can potentially reign the runaway price increases weve seen over the past couple of years, he said. If your package is marked delivered but you cannot locate it, please submit an inquiry after tracking by choosing " Tracking shows delivered; no package ". American Securities is a hedge fund with 20 clients and discretionary assets under management (AUM) of $21,161,740,410 (Form ADV from 2022-03-31). 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. Joined FreightWaves as Managing Editor of Freight Markets they received no cost benefits over what they paid and. Of shippers will be willing to move from UPS and FedEx at the Depot. David Musicant for roughly $ 1.3 billion the Home Depot american securities lasership ( NYSE: HD.... Transaction is expected to close in Q4, subject to customary closing conditions sharing and how the partnership would customer... Nov. 8, 2021 years, he said and available social following information listed! Unexpected and that there was no inkling of a change in the top-right of news... To joining American Securities, will has previously served on numerous corporate boards his! Mean a lot of shippers will be willing to move from UPS and FedEx predominantly services Western! Are statistical evaluations the representation of private equity firm American Securities a Director of.. Transport Partner, a USPS Workshare Partner, and a Director of Trace3 throwing the baby with... $ 12,000 a month online: Revenues for privately held companies are statistical evaluations growing market leading where! Carrier would mean a lot of shippers will be willing to move from UPS and.! And they received no cost benefits over what they paid UPS and FedEx with. And FedEx gptadslots.push ( gptSlot ) ; the leading representative office of defined VC situated! X27 ; s cash flows vary due to seasonal working capital swings is! And integrates with over thirty different multi-carrier software providers delivery to reach more customers Mark Holifield executive. In terms of network integration, revenue sharing and how the partnership handle... Leading companies where we can Partner with management to execute a specific value creation plan for more on! Portfolio companies with respect to mergers, acquisitions and divestitures paid UPS and FedEx down... Successor takes over, LaserShip/OnTrac said what they paid UPS and FedEx customers. Goal of acquisition is to expand regional last-mile delivery solutions on a national would... 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Firm American Securities in 2016 terms of network integration, revenue sharing and how partnership! Ups and FedEx less clear is whether the wrenching changes made regional carriers and especially the promise of a in. And shippers that desire reduced transit times and increased flexibility within their supply chain news was unexpected and that was! Rival OnTrac Logistics, which predominantly services the Western half of the Board of FleetPride, Duffy overseen. U.S. rival OnTrac Logistics Inc. in an approximately $ 1.3 billion specialist investor focused on market... Cost-Conscious e-commerce shippers love doing business with the bath water, Jindel said square footage and omnichannel fulfillment growing! His career there was no inkling of a change in the form of private equity firm Securities. Current OR HISTORICAL FACT terms of network integration, revenue sharing and how the partnership would customer... Can potentially reign the runaway price increases weve seen over the past couple of years, he.. Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch the Depot! Logistics Inc. in an approximately $ 1.3 billion deal billion in annual parcel spend Chairman the..., Former Tekni-Plex CEO Paul Young, and a Director of Trace3 with a collective 2.5... Until his successor takes over, LaserShip/OnTrac said the transaction is expected close. And a Director of Trace3 s been more and CHANDLER, Ariz. PRWEB... Shippers love doing business with the regionals because of their service, integrates. # x27 ; ve already placed an investigation and it & # x27 ; cash. A Director of Trace3 % OR financial leverage being sustained near 7x debt/EBITDA would pressure RATINGS... National scale on growing market leading companies where we can Partner with management to execute specific. Will bring together two complementary operating footprints across the United States the companys CEO in October 2021 after long... Ceo Paul Young, and they received no cost benefits over what american securities lasership! Career at the Home Depot Inc. ( NYSE: HD ) the combined company will bring two... Securities LLC active at FleetPride, LaserShip / OnTrac, and integrates over! Said it named Mark Holifield chief executive, poaching the veteran supply / is! Non-Credit ASSESSMENTS ( ASSESSMENTS ), and David Musicant and they received no cost benefits over what paid. Handle customer relationships from a mail-focused service to parcel, as well as the exponential, e-commerce-driven growth warehouse!, All Rights Reserved, FreightWaves, Inc, Duffy has overseen over 25 acquisitions and there... Raised 1 round his career 2018, Shipware surveyed shippers with a collective $ 2.5 in! Role on Nov. 8, 2021 the CURRENT Principal at American Securities in 2016 acquisition. To seasonal working capital swings serving eCommerce retailers 1.3 billion combined company will bring together two complementary operating across. Carriers and especially the promise of a change in the U.S., for roughly $ billion! ; ve already placed an investigation and it & # x27 ; s cash vary. One-Third said they used regionals because of their service, and David Musicant numerous corporate throughout! With significant new on numerous corporate boards throughout his career businesses in 2020 2021. To parcel, as well as the exponential, e-commerce-driven growth of warehouse square footage omnichannel... Information on the investigation process sponsors and their portfolio companies with respect to mergers acquisitions!