SIRVA Worldwide Relocation & Moving to be Acquired by Madison Dearborn Partners from Investors Led by Aurora Resurgence
CHICAGO - (May 23rd, 2018) - SIRVA, Inc., a leading global relocation and moving service provider, today announced that it has reached an agreement to be acquired by Madison Dearborn Partners (MDP), a leading private equity firm based in Chicago with significant experience investing in and growing industrial and technology services companies.
SIRVA, which has been owned by Aurora Resurgence and Equity Group Investments (EGI) since 2008, today has 55 office locations, 620 Agent locations and 2,600+ employees operating in 170 countries and plans to leverage MDP’s investment and industry expertise to expand its leadership position as a global, end-to-end moving and relocation service provider.
“This is an exciting time for SIRVA, and MDP is the ideal partner to help us accelerate our growth strategy,” said Tom Oberdorf, Chief Executive Officer at SIRVA. “MDP has a long, successful track record of supporting companies like SIRVA. We look forward to working with MDP as we execute on our objectives to grow our business and enhance the value we provide our clients. I would also like to thank Aurora Resurgence and EGI for their support over the years in helping us build the tremendous company we have today.”
“As a leader in a dynamic and highly fragmented industry, SIRVA has a bright future,” said Richard Copans, a Managing Director at MDP. “With a strong brand, global footprint and impressive track record, SIRVA is well positioned to enter a new phase of growth and continued success. We look forward to bringing to bear our expertise and deep network of resources and contacts to help Tom and his leadership team build on SIRVA’s strong momentum and grow the business by continuing to provide the very best corporate relocation services available in the market.”
“When we partnered with the SIRVA team in 2008, we saw an opportunity to further position the brand as an unmatched leader in moving and relocation services,” said Gerald L. Parsky, Chairman of Aurora Resurgence. “We are pleased to have participated in the company’s success to date, which has driven significant value for our investors. We appreciate the support provided by EGI, and we wish Tom and his team the best as they enter the next chapter of growth with the support of MDP.”
Terms of the transaction were not disclosed. Goldman Sachs & Co. LLC served as financial advisor to SIRVA. Weil, Gotshal & Manges LLP served as legal advisor to SIRVA and Kirkland & Ellis LLP served as legal advisor to MDP. The transaction is expected to be completed this summer, subject to regulatory approvals.
About Madison Dearborn Partners, LLC
Madison Dearborn Partners, LLC (MDP), based in Chicago, is a leading private equity investment firm in the United States. Since MDP's formation in 1992, the firm has raised seven funds with aggregate capital of approximately $23 billion and has completed approximately 130 investments. MDP is currently investing out of its most recent fund, $4.4 billion MDCP Fund VII, in businesses across a broad spectrum of industries, including basic industries; business and government software and services; financial and transaction services; health care; and telecom, media and technology services. For more information, please visit http://www.mdcp.com.
About Aurora Resurgence
Aurora Resurgence is a leading private equity firm focused on investing in equity and debt securities of middle market companies. Its expertise lies in creating value from complex situations that arise from financial or operational challenges. Aurora Resurgence acts as a constructive partner with management teams and other stakeholders to help drive financial growth and operational improvements. Located in Los Angeles, Aurora Resurgence is presently investing from Aurora Resurgence Fund II. For more information, please visit www.aurorares.com
Equity Group Investments (EGI) is the private investment firm founded by Sam Zell 50 years ago. Based in Chicago, EGI invests opportunistically across industries and geographies and throughout the capital structure. Current portfolio investments are in energy, waste, manufacturing, transportation and logistics, media, healthcare, insurance, and real estate. EGI provides flexible capital and employs an engaged ownership approach to maximize the potential of its investments.