Relocation services provider Sirva files for IPO of up to $175 million

Fri Mar 28, 2014 2:03pm EDT

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(Reuters) - Relocation services provider Sirva Inc SIRVA.UL, controlled by private equity firm Aurora Capital Group and private investment firm Equity Group Investments, filed with U.S. regulators to raise about $175 million in an initial public offering.

The Oakbrook Terrace, Illinois-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus that Morgan Stanley, Goldman Sachs & Co and J.P. Morgan were the lead underwriters for the offering.

Sirva, which made its debut as a public company in 2003, filed a prepackaged bankruptcy plan under Chapter 11 in February 2008, only to emerge out of it three months later.

Sirva, which caters to corporate customers, military and government agencies among others, acquired trucking firm North American Van Lines in 1998 and relocation services provider Allied Van Lines in 1999.

The company serves about 28 percent of the Fortune 500 companies and two-third of the Dow Jones 30, it said in the filing.

About 71 percent of the company's revenue in 2013 came from contracts with corporate customers, which last one to four years, Sirva said.

The company swung to a net income of $9.7 million in 2013 from a loss of $1.4 million the previous year. Revenue rose about 2 percent to $1.99 billion.

Sirva did not reveal how many shares it planned to sell or their expected price. (r.reuters.com/zup97v)

The company did not specify the exchange it intends to list its common stock on or the symbol.

Net proceeds from the offering would be used to redeem all the outstanding Series A Preferred Stock, Sirva said.

Sirva's competitors include Realogy Holdings Corp (RLGY.N) unit Cartus Corp, Brookfield Global Relocation Services and Weichert Relocation Resources.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(Reporting by Avik Das in Bangalore; Editing by Maju Samuel)

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