Sirva Inc.
08/20/2024 | Press release | Distributed by Public on 08/20/2024 14:44
Sirva Closes Transaction with New Ownership Group, Positions the Company for Continued Long-Term Success
OAKBROOK TERRACE, IL - August 20, 2024 - Sirva Worldwide, Inc. ("Sirva" or the "Company") today announced that it has completed a transaction with the support of the Company's lenders and equity sponsors, Madison Dearborn Partners and Relo Group. This transaction strengthens the Company's balance sheet and provides the Company with new liquidity, supporting Sirva's continued growth and innovation and enabling further investment in the Company's technology, employees, and ability to serve customers.
Through the transaction, the Company's new ownership group is led by certain credit funds and accounts managed by KKR Credit Advisors (US) LLC, Evolution Credit Partners, BlackRock Financial Management, Inc. and affiliates thereof, and Indaba Capital Management, L.P. Sirva's operational and leadership teams remain in place and will continue to focus on exceptional delivery.
Tom Oberdorf, CEO, Sirva, said, "This is a great day and outcome for Sirva, our customers, and our employees. Having the support of these experienced investors positions us to capitalize on the tremendous opportunity we see ahead for our business and enables us to continue enhancing growth in our industry-leading mobility businesses. We remain confident in our ability to drive performance and innovation for all our stakeholders, including our clients, employees, van line agents, and suppliers."
Advisors
Kirkland & Ellis LLP served as legal advisor, Centerview Partners LLC served as investment banker, and Ankura Consulting Group, LLC served as financial advisor to Sirva.
Paul Hastings LLP served as legal advisor and Lazard Freres & Co. LLC served as investment banker to an ad hoc group of first lien and second lien term loan lenders.
About Sirva
Sirva is a global leader in relocation and moving services, offering solutions for the employee relocation industry. With 77 locations servicing 190+ countries, we offer an unparalleled global footprint supported by extensive product offerings and robust technology solutions that support organization's global and diverse workforces. From relocation and household goods to commercial moving and storage, our portfolio of Brands (Including Sirva, Allied, northAmerican, Global Van Lines, Alliance, Sirva Mortgage and SMARTBOX) provide a superior relocation and moving experience to both corporate and consumer clients.
Media Contacts
FGS Global for Sirva
[email protected]
Through the transaction, the Company's new ownership group is led by certain credit funds and accounts managed by KKR Credit Advisors (US) LLC, Evolution Credit Partners, BlackRock Financial Management, Inc. and affiliates thereof, and Indaba Capital Management, L.P. Sirva's operational and leadership teams remain in place and will continue to focus on exceptional delivery.
Tom Oberdorf, CEO, Sirva, said, "This is a great day and outcome for Sirva, our customers, and our employees. Having the support of these experienced investors positions us to capitalize on the tremendous opportunity we see ahead for our business and enables us to continue enhancing growth in our industry-leading mobility businesses. We remain confident in our ability to drive performance and innovation for all our stakeholders, including our clients, employees, van line agents, and suppliers."
Advisors
Kirkland & Ellis LLP served as legal advisor, Centerview Partners LLC served as investment banker, and Ankura Consulting Group, LLC served as financial advisor to Sirva.
Paul Hastings LLP served as legal advisor and Lazard Freres & Co. LLC served as investment banker to an ad hoc group of first lien and second lien term loan lenders.
About Sirva
Sirva is a global leader in relocation and moving services, offering solutions for the employee relocation industry. With 77 locations servicing 190+ countries, we offer an unparalleled global footprint supported by extensive product offerings and robust technology solutions that support organization's global and diverse workforces. From relocation and household goods to commercial moving and storage, our portfolio of Brands (Including Sirva, Allied, northAmerican, Global Van Lines, Alliance, Sirva Mortgage and SMARTBOX) provide a superior relocation and moving experience to both corporate and consumer clients.
Media Contacts
FGS Global for Sirva
[email protected]