7/15/2005
SIRVA Inks Agreement To Sell Transportation Solutions Business
Transaction Will Complete Company’s Planned Divestiture of All Logistics-Based Businesses Globally
CHICAGO, July 15, 2005 — Through its subsidiary, North American Van Lines, Inc., SIRVA, Inc. (NYSE: SIR), a global relocation services provider, has signed a definitive agreement to sell its Transportation Solutions business, known in the industry as SIRVA Logistics, to an affiliate of Lake Capital Partners LP.
Lake Capital is a Chicago-based private equity firm that invests in and supports the growth strategies of service-based businesses. In addition to the capital provided for the acquisition, Lake Capital has allocated funds to expand the presence and capabilities of the business.
The sale of its Transportation Solutions business further strengthens SIRVA’s focus of its resources on becoming the world’s leading provider of relocation services.
The new business will be named NAL Worldwide LLC and has agreed to offer the approximately 600 SIRVA associates comparable jobs upon the transaction’s closing. About 260 SIRVA Logistics associates work in SIRVA’s facility in Fort Wayne, Ind., while the remainder work in facilities across the United States and in the company’s Westmont, Ill., corporate office.
Closing of the deal, which is subject to customary conditions, including obtaining certain consents, is expected by July 31.
About SIRVA, Inc.
SIRVA, Inc. is a leader in providing relocation solutions to a well-established and diverse customer base around the world. The company is the leading global provider that can handle all aspects of relocations end-to-end within its own network, including home purchase and home sale services, household goods moving, mortgage services and insurance. SIRVA conducts more than 365,000 relocations per year, transferring corporate and government employees and moving individual consumers. The company operates in more than 40 countries with approximately 7,000 employees and an extensive network of agents and other service providers. SIRVA’s well-recognized brands include Allied, northAmerican, Global, and SIRVA Relocation in North America; Pickfords, Huet International, Kungsholms, ADAM, Majortrans, Allied Arthur Pierre, Rettenmayer, and Allied Varekamp in Europe; and Allied Pickfords in the Asia Pacific region. More information about SIRVA can be found on the company’s Web site at www.sirva.com.
About SIRVA Logistics
SIRVA Logistics is a third-party, non-asset based logistics provider focused on inventory management and optimization. Prior to 2003, SIRVA Logistics was known as northAmerican Logistics.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical, but are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon SIRVA, Inc. and its subsidiaries. There can be no assurance that future developments affecting us will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and other factors, including without limitation the possibility that the transaction described in this release does not close, and those described under the caption “Business-Investment Considerations” and other risks described in our 2003 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and other reports we submit to the Securities and Exchange Commission from time to time. We do not intend, and are under no obligation, to update any particular forward-looking statement included in this release.
Media Contacts
Jim Trainor
Vice President
Corporate Communications
630.468.4828 (work)
630.334.7865 (cell)
Judy Wohlt
Director
Corporate Communications
630.468.4886 (work)
630.802.1299 (cell)
