relocation services

Madison Dearborn Acquires SIRVA

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SIRVA Worldwide Relocation & Moving (SIRVA), a global relocation and moving services provider, has agreed to be acquired by Madison Dearborn Partners (MDP). SIRVA has been a portfolio company of Aurora Resurgence and Equity Group Investments since 2008.

SIRVA is a moving and relocation services company and provides for the interstate transportation of household goods throughout the United States and internationally. The company’s brand names include Allied Van Lines, North American Van Lines, and Allied Pickfords. SIRVA has 55 offices, 620 agent locations and more than 2,600 employees operating in 170 countries. The company is led by CEO Tom Oberdorf and is headquartered near Chicago in Oakbrook Terrace, IL (www.sirva.com).

SIRVA was formed by Clayton, Dubilier and Rice in 1999 when it merged North American Van Lines, which it had acquired in 1998, with Allied Van Lines and Pickford, which were both acquired from Norfolk Southern Corporation. In 2002 SIRVA went public and in 2008 the company entered bankruptcy and re-organized, emerging in May 2008 as a private company under Aurora Resurgence and Equity Group Investments ownership.

“This is an exciting time for SIRVA, and MDP is the ideal partner to help us accelerate our growth strategy,” said Mr. Oberdorf. “The firm 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 Oberdorf 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.”

Madison Dearborn invests in privately held or publicly traded companies in the following sectors: basic industries; business and government software and services; financial and transaction services; health care; and telecom, media and technology services. In August 2016 the firm closed its seventh buyout fund at $4.4 billion. Madison Dearborn was founded in 1992 and is based in Chicago (www.mdcp.com).

Aurora Resurgence invests in the equity and debt securities of middle market companies that are involved in complex situations that arise from financial or operational challenges. Aurora Resurgence is headquartered in Los Angeles (www.aurorares.com).

Equity Group Investments (EGI) is the private investment firm founded by Sam Zell 50 years ago. The firm invests opportunistically across industries and geographies and throughout the capital structure. Current portfolio investments are in the energy, waste, manufacturing, transportation and logistics, media, healthcare, insurance, and real estate sectors. EGI is based in Chicago (www.egizell.com).

Goldman Sachs & Co. was the financial advisor to SIRVA.

© 2018 Private Equity Professional | May 24, 2018

Sentinel Acquires Total Military Management

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Sentinel Capital Partners has acquired Total Military Management, a technology-enabled, asset-light provider of relocation services to US military and government personnel. The investment was made in partnership with TMM’s founders.

Total Military Management (TMM) serves the $2.5 billion US military moving and storage industry, which is comprised of approximately 300,000 annual relocations of the 1.3 million active duty US military members and their families.   TMM uses its technology systems, operating infrastructure, and network of service providers to manage the resource-intensive and administratively complex logistical tasks associated with domestic and international military relocations. The company was founded in 2003 by Matt Connell and is based in Jacksonville (www.totalmm.com).

“We are excited to partner with Total Military Management and its entrepreneurial management team,” said Paul Murphy, a partner at Sentinel who previously served as an officer in the US Army. “TMM has been on an impressive growth path. Its asset-light model is a highly efficient way to address the ongoing relocation needs of military personnel driven by frequent base-to-base moves, an important aspect of military life. We expect TMM will continue to grow and deliver high quality relocation services for US military personnel and their families.”

Sentinel Capital Partners invests in middle market companies in the United States and Canada in partnership with management. The firm invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $50 million. Sentinel targets eight industry sectors: aerospace & defense, business services, consumer, distribution, food & restaurants, franchising, healthcare, and industrials. The firm is headquartered in New York (www.sentinelpartners.com).

Sentinel has prior experience investing in the business services sector and in companies that provide products and services to the US government. Examples include: Critical Solutions International, a supplier of landmine and improvised explosive device detection vehicles, systems and services to the US and international military services; North American Rescue, a developer and distributor of tactical emergency medical equipment to military and first-responder markets; and ReachOut Healthcare America, a provider of mobile dental services to US Army and National Guard units.

“This investment marks the next chapter in TMM’s growth,” said Matt Connell, CEO and President of TMM. “We welcome Sentinel’s significant experience in helping service businesses drive innovation and revenue growth.”

© 2015 PEPD • Private Equity’s Leading News Magazine • 4-20-15

Summer Street Acquires Dwellworks

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Summer Street Capital Partners has acquired Dwellworks, a provider of relocation management services. The management team of Dwellworks and Permal Capital Management co-invested in the transaction with Summer Street.  Dwellworks was a portfolio company of a private equity fund managed by Kirchner Group which manages assets for institutional investors.

Dwellworks is an outsourced provider of relocation management services including destination services for relocating employees and their families, intercultural training, property management for both vacant and tenant-occupied homes, and valuation services for relocation, specialty, and mortgage appraisal.  Customers include US based and international relocation management companies, corporations, and mortgage providers.  Dwellworks, founded in 2007, is headquartered in Cleveland and has offices in Canada, Mexico, Costa Rica, Brazil, the United Kingdom, Germany, and Luxembourg (www.dwellworks.com).

“The culture at Dwellworks is special.  Not only is it an organization with an exceptionally dedicated staff and experienced management team, but they live by their core values as well,” said Brian D’Amico, Managing Partner of Summer Street.  “This is evident each time you walk through the doors at Dwellworks, and in their reputation and client satisfaction.  We are excited to work with such a talented, collaborative team to continue to identify and realize growth opportunities.”

Summer Street Capital Partners has approximately $440 million of committed capital focused on investing in small-market companies. The firm makes equity investments of at least $10 million in companies with annual revenues of $20 million to $150 million that are located in the eastern half of the US and Canada. Summer Street invests in a range of industries but has particular interest in manufacturing; industrial, business and consumer services; and distribution.  The firm was founded in 1999 and is based in Buffalo (www.summerstreetcapital.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 2-5-15