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Employee relocation company SIRVA revives plans for IPO

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.

The article Employee relocation company SIRVA revives plans for IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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