VIENNA, Va. and CHANDLER, Ariz., Oct. 13, 2021 /PRNewswire-PRWeb/ --
- The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers.
- The transaction is expected to close in Q4, subject to customary closing conditions.
- LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season.
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. 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.
The combined company will bring together two complementary operating footprints across the United States. 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.
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.
"We are thrilled at the prospect of this combination, joining two companies that share a culture of world-class service and that mark the future in e-commerce last-mile delivery at scale," said Will Manuel, Chairman of the Board of LaserShip and a Managing Director of American Securities.
"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. "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. "By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. It's the next chapter in our steadfast commitment to the 'On-Time for Less' promise we make to our shippers with every package, every day."
About LaserShip, Inc.
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. 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.
About OnTrac Logistics, Inc.
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. The OnTrac service area includes California and the major metropolitan areas of Arizona, Nevada, Oregon, Washington, Utah, Colorado, and Idaho—an area that is home to over 65 million consumers. 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. OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. For more information, visit ontrac.com.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $25 billion under management. For more information, visit american-securities.com.
About Greenbriar Equity Group
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. 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. http://www.greenbriarequity.com
For American Securities:
Manu Aggarwal, LaserShip, 703-761-9030, [email protected]