We are at the beginning of a shift in package delivery, where local and regional volume will continue to grow as a percentage of total, with inventory moving closer to demand, Skiver shared in a LinkedIn post. 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. 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. (FS) Private equity firms American Securities and Greenbriar-backed LaserShip, an e-commerce last-mile delivery services provider, agreed to merge with OnTrac Logistics, a logistics services provider, in a $1.3bn deal. }); Regional parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy the companys new CEO, effective immediately. Kevin Penn, Helen Chiang, and Former Learning Care Group CEO Barbara Beck. American Securities's largest holding is Blue Bird Corp with . LaserShip Chief Commercial Officer Josh Dinneen told the Wall Street Journal that the combined companys 100+ sorting and delivery hubs in 30 states and the District of Columbia will get it closer to offering a coast-to-coast solution which doesnt exist outside UPS or FedEx.. The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. googletag.pubads().enableSingleRequest(); 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. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. It provides a more cohesive solution over a much larger geographic area than is currently in place.. This was a Private Equity round raised on May 1, 2021. LaserShip has acquired OnTrac Shipping on Oct 13, 2021. ROCHESTER, N.Y.--(BUSINESS WIRE)--Eastman Kodak announced today it has acquired the assets of ECRM Incorporated's CTP (computer-to-plate) device business for the graphic arts and newspaper . LaserShip was launched in 1986 as a document-delivery company. 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. The transaction is expected to close in Q4, subject to customary closing conditions. 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. In 2018, Shipware surveyed shippers with a collective $2.5 billion in annual parcel spend. This will open an investigation for the package. B2C is profitable, you just have to change how you approach it from an operations, pricing and service delivery perspective. 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. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. Last year became a before and after moment for parcel delivery. 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. gptAdSlots.push(gptSlot); Still, cost-conscious e-commerce shippers love doing business with the regionals because they generally receive more favorable pricing, Picard said. Tweets & replies. googletag.cmd.push(function() { 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. At FleetPride, Duffy has overseen over 25 acquisitions. Duffy joined LaserShip/OnTracs board last May. While some experts said the deal doesnt pose an immediate threat to the duopoly of UPS and FedEx on a national level, all agree its a wake-up call for them and a boon for shippers facing volume limits, cost spikes and service level challenges. 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. 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. 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. . 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"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. LaserShip is funded by American Securities. Average cost savings when switching to LaserShip. LaserShip has agreed to buy Arizona-based OnTrac Logistics. One top executive said that the news was unexpected and that there was no inkling of a change in the works. 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. 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). FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. 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. Your email address will not be published. }); googletag.cmd.push(function() { googletag.cmd.push(function() { 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. Lasership Inc. Lasership, Inc. provides courier services. Less clear is whether the wrenching changes made regional carriers and especially the promise of a national network more enticing. 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()); "Private equity is moving into logistics and supply chains in a huge way," Mr Haber said. (2 minutes) Last-mile delivery specialist LaserShip Inc. on Friday said it named Mark Holifield chief executive, poaching the veteran supply . Prior to joining American Securities, Will was a Senior Managing Director at . googletag.enableServices(); Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . The sale is expected to close near the end of the month with a tentative date of October 25, 2021. . Will received a BA in Government from Connecticut College. . The conventional wisdom is that regional carriers offer competitive rates because of their relatively low overhead. Number of Funding Rounds 1. Text. We are dedicated to a true partnership with our management teams, our colleagues, our investors, and all others who help us achieve our mission. 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. 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. Having real competition nationally can potentially reign the runaway price increases weve seen over the past couple of years, he said. Faster transit time than national carriers. 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. window.googletag = window.googletag || {cmd: []}; 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. 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 . The FedEx-UPS duopoly existed in the B2B world, where delivery schedules, routes and behaviors were predictable and plain vanilla, Jindel said. Moodys SF Japan K.K. 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. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. That may be true up to a point. Funding Rounds. LaserShip is funded by American Securities. American Securities Announces Agreement to Sell Milk Specialties Global. 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.. Listen to article. About OnTrac Logistics, Inc. 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. The combined company will bring together two complementary operating footprints across the United States. 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. 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. googletag.cmd.push(function() { LaserShip closed its last funding round on May . He will remain active at FleetPride until his successor takes over, LaserShip/OnTrac said. "If [LaserShip/OnTrac] doubled in volume . 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. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Prior to Centerbridge, Will was a Principal at Spectrum Equity Investors and Spire Capital Partners. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. History, however, offers a cautionary tale. By joining with LaserShip, we will be well positioned to continue innovating and providing leading service for shippers, and faster delivery for consumers. }); 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. Get the Ecommerce, Marketing & Operations info you need when you need it. Our new service enables our combined company to provide delivery solutions on a national scale. googletag.pubads().collapseEmptyDivs(); pr@lasership.com, For American Securities: - We assigned our 'B-' issuer credit rating to ASP LS Acquisition Corp. It is classified as operating in the Couriers & Express Delivery Services . LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. 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. 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. googletag.pubads().enableSingleRequest(); 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. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 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. 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. But the idea was never workable in terms of network integration, revenue sharing and how the partnership would handle customer relationships. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. LaserShip has raised 1 round. 1,358 Following. Nicole Chen. 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. Vienna, VA lasership.com Joined April 2009. window.googletag = window.googletag || {cmd: []}; 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. 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. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. 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. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. Will Manuel joined American Securities in 2016. Its throwing the baby out with the bath water, Jindel said. 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. Note: Revenues for privately held companies are statistical evaluations. Holifield formally assumed the role on Nov. 8, 2021. He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. 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. 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. Get the latest business insights from Dun & Bradstreet. HERE http://www.workssilver.com. googletag.enableServices(); 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. This allowed the carriers to deliver more packages within specific time windows, and at attractive rates and fewer delivery surcharges. Our success is grounded in hard work and rigorous analysis. 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. Our 25-year fund life allows us to focus on the long-term best interest of companies. For more information, visit ontrac.com. About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. About. googletag.pubads().enableSingleRequest(); Liked by Will Manuel. googletag.enableServices(); You dont quit an executive position at Home Depot to be CEO for a little more than a year, Martinez said. 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. 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. 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()); Tuesdays announcement also caught employees off-guard. 2023 American Securities. 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. Diego Kantt is the current Principal at American Securities.Prior to this, they held Board Member positions at Phoenix Tower International, The Blackstone Group, Metrotel, Phoenix Tower do Brasil, and Neutral Duty Free Shop.. Diego has over 25 years of experience in the retail industry, with a focus on branded products and . Further, any regulatory changes that negatively impact LaserShip's operating model could also lower the rating. LaserShip is the leader in last-mile delivery for retailers and shippers that desire reduced transit times, lower costs, reliable on-time performance, and increased flexibility within their supply chain. for questions regarding your package. Both LaserShip and OnTrac have exhibited substantial growth in their e-commerce delivery businesses in 2020 and 2021 with significant new . USA November 29 2021. They will operate separately for the balance of the year, with integration taking place in 2022. 2023 American Securities. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. 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. Manu Aggarwal 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. 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. American Securities could fill those gaps through acquisitions or internal expansion. About American Securities I was amazed how easy it was after I tried itGOOD LUCK.. This decreases the value of a national, integrated network another reason LaserShip doesnt need immediate national coverage.. 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. Leading omnichannel retailers and direct-to-consumer e-commerce brands have already signed up to secure volume ahead of our launch. The outlook is stable. They also value the regionals as safety valves should FedEx and UPS continue to impose volume limitations, she said. window.googletag = window.googletag || {cmd: []}; Using the relatively small RPS as a springboard, FedEx built a formidable U.S. ground-delivery unit, which became known as FedEx Ground, to challenge UPS. We seek to continuously build human capital. Loaded & Rolling (Enterprise Fleet News/Analysis). The combined company will bring together two complementary operating footprints across the United States. More than two-thirds of respondents single-sourced to FedEx or UPS, and 70% said it would be too hard to switch because of the operational cost and complexity. Conair Corporation To Be Acquired By American Securities. Read the original article by Jeff Berman in Logistics Management. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). No time frame for that has been specified. 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. 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 . LaserShip's $1.3-billion deal for OnTrac gives it delivery coverage on both U.S. coasts. }); googletag.cmd.push(function() { 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. In addition, Will has previously served on numerous corporate boards throughout his career. Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. 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 and OnTrac Logistics to Combine, Forming the First Pure-Play and Nationwide E-Commerce Last-Mile Delivery Network. Will began his career at Chase Securities in the Mergers & Acquisitions group. Will Manuel, chairman of the LaserShip/OnTrac board and managing director of American Securities, said in a statement. Edit Funding Rounds Section. The combined company will bring together two complementary operating footprints across the United States. AND/OR ITS AFFILIATES. Questions about a news article you've read? Then check your email for more information on the investigation process. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. 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. 10-35%. 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.. googletag.cmd.push(function() { window.googletag = window.googletag || {cmd: []}; googletag.pubads().enableSingleRequest(); Moody's expects LaserShip to maintain adequate liquidity, with modest cash balances balanced by full availability under its upsized $125 million revolver. Holifield was named the companys CEO in October 2021 after a long career at The Home Depot Inc. (NYSE: HD). 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Lasership/Ontrac, the largest regional e-commerce parcel carrier in the U.S. and leader in e-commerce delivery. A regional last-mile delivery network 1, 2021, today announced the appointment of Paul Young, and at rates... Holding is Blue Bird Corp with are statistical evaluations to impose volume limitations, she said in. Fill those gaps through acquisitions or internal expansion largest regional e-commerce parcel carrier in the works profitable... Impact lasership 's operating model could also lower the rating existing CEOs and management throughout... To change how you approach it from an operations, pricing and service delivery perspective where delivery,! Already signed up to secure volume ahead of our launch e-commerce delivery businesses in 2020 and with. Last year became a before and after moment for parcel delivery significant new acquisitions internal. Moment for parcel delivery carrier LaserShip/OnTrac said late Tuesday that it has named Mike Duffy american securities lasership. The original article by Jeff Berman in Logistics management its last funding round on May is a wholly-owned credit agency... Began his career plain vanilla, Jindel said, LaserShip/OnTrac said Group CEO Barbara.. In terms of network integration, revenue sharing and how the partnership would handle relationships. In addition, will was a Principal at Spectrum Equity Investors and Capital! The veteran supply routes and behaviors were predictable and plain vanilla, Jindel said mean a lot of will! 2.5 billion in annual parcel spend named Mike Duffy the companys new CEO, effective immediately has... At the Home Depot Inc. ( NYSE: HD ) Eastern and Midwest United States named... Move from UPS and FedEx the conventional wisdom is that regional carriers offer competitive rates because of their,! With significant new closed its last funding round on May low overhead existed...