New York-based private equity house Clayton Dublier & Rice has helped Sirva, the worldwide relocation and moving services business it owns, to complete a bolt-on acquisition in Europe.
Sirva, which has its headquarters in Chicago, acquired Scanvan, a Sweden-based provider of domestic and international relocation services to corporations, governments and consumers in Scandinavia. Terms for the transaction have not been disclosed, although sources close to the transaction put the price at around $25m.
CD&R made its first investment in Sirva in 1998, and currently holds an 81 per cent stake in the business. The firm, which was previously known as Allied Worldwide, changed its name to Sirva in February 2002, following a further injection of growth capital from the US private equity firm. Jim Rogers, chairman and CEO of Sirva, is a principal at CD&R.
The deal provides Procuritas, the Swedish private equity firm that acquired Scanvan seven years ago, with an exit. In 1996 Procuritas backed a management buyout of Nordic Specialist Group, a division of BTL, based in Sweden and renamed the business Scanvan.
Lars Krogsgaard, chief investment officer at Procuritas, said the sale to Sirva provided the firm with an “acceptable” return on its original, undisclosed investment.
Scanvan will become part of Sirva’s European operations whose brands include Pickfords, Allied Pickfords and Allied Arthur Pierre. Last year, the company acquired UK removals business Rowan Simmons for E10m in July and French removals business Maison Huet, which it acquired in June for an undisclosed sum.
Sirva has over 7000 global employees in four continents. The firm reported revenues of over E2.2bn and claims to have in excess of 5,000 corporate customers.
Sirva received additional growth capital in February 2002 to enable the company to make further acquisitions in Europe. The deal is the company’s first in Scandinavia.