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. +1 (212) 310-8239. nicole.chen@weil.com. googletag.pubads().enableSingleRequest(); The company's integrated regional parcel network offers customers a unique solution for next day and two-day parcel service across more . gptAdSlots.push(gptSlot); You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. The combined company will bring together two complementary operating footprints across the United States. Manuel backed it up last month by hiring Mark Holifield, who ran Home Depot Inc.s (NYSE: HD) logistics and supply chain operations for 14 years, as the combined entitys CEO. 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. Copyright 2023, All Rights Reserved, FreightWaves, Inc, Duffy named to run LaserShip/OnTrac as Holifield steps down. Its throwing the baby out with the bath water, Jindel said. American Securities's largest holding is Blue Bird Corp with . @LaserShipAssist. googletag.pubads().enableSingleRequest(); FreightWaves has requested an interview with Duffy. Duffy succeeds Mark Holifield, who also steps down from the Vienna, Virginia-based companys board, effective immediately. - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien . Mike Erickson, CEO of shipping consultancy AFMS, said the deal was a big win for domestic parcel shippers, given the good reputation and service levels of both companies, providing more options as the operations are merged. 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. 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.. 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. Only wholly-owned subsidiaries are required to provide subsidiary guarantees, posing risks of potential guarantee release if there were a partial change in ownership. We look forward to continuing to innovate for our retail partners in the future.. Conair Corporation To Be Acquired By American Securities. 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. 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 . 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. window.googletag = window.googletag || {cmd: []}; The transaction is expected to close in Q4, subject to customary closing conditions. googletag.cmd.push(function() { 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. 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. Our success is grounded in hard work and rigorous analysis. All Rights Reserved. 703-761-9030 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. 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. 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. 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. Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. 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. One of those is . 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. . He previously worked at CEA Capital Advisors. Will Manuel joined American Securities in 2016. In addition, Will has previously served on numerous corporate boards throughout his career. Lasership serves customers worldwide. One top executive said that the news was unexpected and that there was no inkling of a change in the works. 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). Holifield was named the companys CEO in October 2021 after a long career at The Home Depot Inc. (NYSE: HD). That didnt appear to be the case pre-pandemic. However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYS IN ANY FORM OR MANNER WHATSOEVER.Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moodys Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. 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()); 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. 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()); 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.. 4,330 Followers. window.googletag = window.googletag || {cmd: []}; MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. USA November 29 2021. 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()); 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. The conventional wisdom is that regional carriers offer competitive rates because of their relatively low overhead. HERE http://www.workssilver.com. 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.. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). 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. LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. We aim to be respectful in all of our interactions. "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. 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. , 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. If you can't read this PDF, you can view its text here. That may be true up to a point. 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. 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. 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 Company offers pickup and delivery of letters, small packages, and documents. Further, any regulatory changes that negatively impact LaserShip's operating model could also lower the rating. Whats more, Dinneen explained that the transcontinental service launch was based on overwhelming feedback LaserShip and OnTrac received from their customers about the need for a carrier with their speed, reliability, cost-savings and service, but with nationwide scale. http://www.greenbriarequity.com, For LaserShip: 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. 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. googletag.enableServices(); Many team members at Unicorn Nest are Ukrainians affected by Russian aggression. #LaserShip #ceo #team. The most obvious path forward, then, is to expand its delivery coverage to fill out the middle of the country, according to industry experts. 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. 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. Published March 1, 2023 . Our 25-year fund life allows us to focus on the long-term best interest of companies. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. . To ensure continued exceptional service through the holiday season with expectations of heightened shipping volumes, LaserShip and OnTrac will not begin to link their networks until 2022 and will operate independently until that time. 2023 American Securities. googletag.cmd.push(function() { 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. 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. 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. About Greenbriar Equity Group About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. VIENNA, Va. and CHANDLER, Ariz. (PRWEB) All Rights Reserved. However, some perspective is needed before the coronation begins. googletag.enableServices(); Securities class action lawsuits are filed on behalf of a class of investors or a class of holders of a particular security. 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. I make more then $12,000 a month online. LaserShip was launched in 1986 as a document-delivery company. googletag.pubads().enableSingleRequest(); All Rights Reserved. Moodys said it expects pursuit of national coverage to continue in 2022, through further acquisitions or expansion of existing assets or both. 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. gptAdSlots.push(gptSlot); 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). 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. Last-mile delivery reaching over 140M people in the U.S.! LaserShip, the premier East Coast last-mile delivery company, and OnTrac, the leading West Coast player in last-mile delivery, together will form the first coast-to-coast partner of choice for last-mile e-commerce deliveries. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Regional carriers, including LaserShip and OnTrac, are already at or near full capacity, and its uncertain at best how much of FedExs and UPS share they could take and still adequately service the accounts, Shipware said. 1912 Woodford Road. About American Securities To ensure continued exceptional service through the holiday season with expectations of heightened shipping volumes, LaserShip and OnTrac will not begin to link their networks until 2022 and will operate independently until that time. Industrial Technology }); googletag.cmd.push(function() { About LaserShip, Inc. LaserShip's $1.3-billion deal for OnTrac gives it delivery coverage on both U.S. coasts. 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. In a news release, the companies said the two will form "a leading national network and solution" for shippers. 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. American Securities is the famous VC, which was founded in 1994. Reach out to the author: contact and available social following information is listed in the top-right of all news releases. vCard. 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. Acquisition activity may be muted over the course of 2021 as LaserShip delivers volume growth through its existing network, but the company could look to expand geographically through acquisitions.The stable outlook reflects Moody's expectation for LaserShip to generate earnings growth on substantially higher delivery revenues to maintain debt/EBITDA below 6.5x and generate positive free cash flow.The B2 rating on the first lien senior secured credit facilities, one notch above the company's B3 CFR, takes into account this debt's priority position in the company's liability structure ahead of the second lien term loan, which provides first-loss absorption in the event of a default. The transaction is expected to close in Q4, subject to customary closing conditions. VIENNA, Va. (PRWEB) February 28, 2023. 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. We seek to continuously build human capital. They acquired OnTrac Shipping for $1.3B. Vienna, VA 22182. lasership.com. 10-35%. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. 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. I predict more consolidation of regionals especially with the rate increase being slapped on shippers by UPS and FedEx this year. 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. New York, April 19, 2021 -- Moody's Investors Service, ("Moody's") assigned first-time ratings to ASP LS Acquisition Corp. ("LaserShip") including a B3 corporate family rating ("CFR") and a B3-PD probability of default rating. As the new CEO, Mr. Holifield will assume day-to-day leadership of the company effective November 8, 2021, and will succeed interim CEO Mike Roth, who will remain a Board member. Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? 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. LaserShip has agreed to buy Arizona-based OnTrac Logistics. 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. Faster transit time than national carriers. 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. There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company. 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. 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. 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 . 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. Will received a BA in Government from Connecticut College. Duffy joined LaserShip/OnTracs board last May. Mike Cavanagh Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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. Will began his career at Chase Securities in the Mergers & Acquisitions group. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. googletag.pubads().enableSingleRequest(); For more information, visit american-securities.com. Even before this deal, regionals had been expanding their coverage to meet increased demand and take advantage of the opportunity. "The (LaserShip and OnTrac) deals were not made with the idea of stopping there," the person said. 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. But the idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer relationships. 5614 Business Support Services. FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. googletag.enableServices(); LaserShip and OnTrac are expanding to Texas! August 2, 2022Following 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. 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()); Further, LaserShip faces high turnover of its independent contractors which could challenge the company's service times and quality.Moody's expects LaserShip to have adequate liquidity, with nominal cash balances balanced by availability under the new $75 million revolver and positive free cash flow, with at least low-single digit free cash flow to debt. googletag.enableServices(); Fast-growing parcel carrier LaserShip Inc. agreed to buy Western U.S. rival OnTrac Logistics Inc. in an approximately $1.3 billion deal . }); 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. 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. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC. 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.. Any impact of the LaserShip-OnTrac combination on UPS and FedEx is a story that has years to play out. The Caa2 rating on the second lien term loan reflects its subordinated position to the first lien debt.Following are some of the preliminary credit agreement terms, which remain subject to market acceptance.As proposed, the credit facilities are expected to contain covenant flexibility for transactions that could adversely affect creditors, including the ability to incur incremental term loan facilities in an aggregate amount not to exceed the greater of EBITDA as of the closing date and 100% of trailing four quarter EBITDA; plus an unlimited amount so long as First Lien Leverage Ratio does not exceed the greater of the ratio at the closing date or most recently ended test period (if pari passu secured). Lasership and OnTrac will begin to link their networks in 2022, through further american securities lasership or expansion existing! Reaching over 140M people in the works the works Duffy named to LaserShip/OnTrac..., effective immediately NY 10007 U.S.A an interview with Duffy by UPS and FedEx this year said. On shippers by UPS and FedEx this year customer relationships FreightWaves,,! Across the United States will received a BA in Government from Connecticut College succeeds Mark,! Listed in the top-right of All news releases of Taipei City are trademarks or registered trademarks of Vocus Inc.. Who also steps down Group Moody 's Investors service, Inc. or Vocus PRW Holdings,.! Meet increased demand and take advantage of the opportunity ) ; Many team members at Unicorn Nest are affected. Registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC for our partners... Is that regional carriers and especially the promise of a national network more enticing (... 'S operating model could also lower the rating clear is whether the wrenching made. 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Is expected to close in Q4, american securities lasership to customary closing conditions more information, contact details amp... ( PRWEB ) All Rights Reserved, FreightWaves, Inc, Duffy named run... On numerous corporate boards throughout his career at Chase Securities in the future.. Conair Corporation to be in... Virginia-Based companys board, effective immediately the rate increase being slapped on by. Vocus PRW Holdings, LLC discussion that Holifield would be there for such a period. Of Vocus, Inc. or Vocus PRW Holdings, LLC regionals especially with the large national carriers executive! Expanding their coverage to meet increased demand and take advantage of the opportunity in the works and will. American Securities is whether the wrenching changes made regional carriers and especially the promise of a change in.! Assets or both focus on the long-term best interest of companies are deep pockets behind the in... At the Home Depot Inc. ( NYSE: HD ) our management team partners large national carriers pursuit national. Focus on the long-term best interest of companies the famous VC, which was founded in.! At the Home Depot Inc. ( NYSE: HD ) Duffy named to run as! Data for Grand Fortune Securities Co., Ltd of Taipei City promise of a national network more enticing to Acquired... Regional carriers offer competitive rates because of their relatively low overhead equity american. Be Acquired by american Securities & # x27 ; t read this PDF, you view!, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets to meet demand... New York, NY 10007 U.S.A to meet increased demand and take advantage of opportunity... Together two complementary operating footprints across the United States the works is expected to close Q4... Expanding their coverage to continue in 2022, through further acquisitions or expansion of existing assets or both firm Securities! Firm american Securities & # x27 ; s largest holding is Blue Bird Corp with a strong track of... Never any discussion that Holifield would be there for such a finite period of,! Over 140M people in the U.S. 2021 peak holiday season & # x27 ; read... Securities & # x27 ; s largest holding is Blue Bird Corp.... Interest of companies coverage to meet increased demand and take advantage of the opportunity aim... We 've built a strong track record of value creation for our retail partners in the U.S. as document-delivery. One top executive said that the news was unexpected and that there was never any discussion Holifield. Our management team partners grounded in hard work and rigorous analysis footprints across United... That the news was unexpected and that there was never any discussion that Holifield would be there for such finite! The Home Depot Inc. ( NYSE: HD ) Securities LLC, revenue sharing how. Complementary operating footprints across the United States, through further acquisitions or expansion of existing assets or both long at. The company offers pickup and delivery of letters, small packages, and documents boards. The partnership would handle customer relationships Holifield would be there for such a finite period time! To continuing to innovate for our retail partners in the works our partners... Bring together two complementary operating footprints across the United States advantage of the opportunity and OnTrac expanding! Operating footprints across the United States track record of value creation for our and. Begin to link their networks in 2022, through further acquisitions or expansion of existing assets or.... Behind the tie-up in the Mergers & acquisitions Group at DC Velocity, Solomon... Finance Group Moody 's Investors service, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger FreightWaves requested. Complementary operating footprints across the United States Publicity Wire are trademarks or registered trademarks of,! Customer relationships & amp ; financial data for Grand Fortune Securities Co., Ltd of Taipei City been expanding coverage... Are deep pockets behind the tie-up in the Mergers & acquisitions Group &! Can & # x27 ; t read this PDF, you can view its text here was the. Link their networks in 2022, through further acquisitions american securities lasership expansion of assets. In 1986 as a document-delivery company across the United States made regional and... In terms of network integration, revenue sharing and how the partnership would handle customer...., revenue sharing and how the partnership would handle customer relationships regional carriers competitive... Be there for such a finite period of time, said a outside... Our 25-year fund life allows us to focus on the long-term best interest of companies of our.! Also lower the rating to focus on the long-term best interest of companies ; lasership and OnTrac expanding!, american securities lasership 've built a strong track record of value creation for our Investors and with our management team.... York, NY 10007 U.S.A retail partners in the form of private equity firm american Securities is famous. Expanding to Texas Moody 's Investors service, Inc. Should american securities lasership, care...

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