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Employee relocation company SIRVA revives plans for IPO

October 5, 2015

SIRVA, which provides domestic and international relocation services for employees, updated its IPO filing on Friday after postponing in August 2014. 

In the filing, the company disclosed financial results for fiscal 2014 as well as for the six months ended June 30, 2015. Goldman Sachs was the only bookrunner retained on the deal.

For the six months ended June 30, 2015, revenue increased 1% to $664 million. Gross profit increased 6% to $115 million as gross margin expanded 80 bps to 17%. Adjusted EBITDA grew 14% to $34 million and adjusted EBITDA margin increased 50 bps to 5.1%. Net loss narrowed 13% to $7 million. As of June 30, 2015, SIRVA had $32 million in cash and $282 million in cash (3.2x LTM adj. EBITDA).

The Oakbrook Terrace, IL-based company, which was founded in 1998 and booked $1.5 billion in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol SRVA. Goldman Sachs is the sole bookrunner on the deal. No pricing terms were disclosed.