Allied Worldwide Announces New Holding Company
CHICAGO, February 11, 2002 - Allied Worldwide (AWW)
announced today that a fund managed by Clayton, Dubilier & Rice, Inc.
(CD&R), a private investment firm that owns approximately 73% of AWW, is
committing additional growth capital to accelerate the company's transformation
into a global services provider and to expand its value offering to customers.
AWW will broaden its range of moving services, logistics, relocation, and
related financial services.
In line with its new strategy, AWW will change the name of its holding company to SIRVA, which is derived from the Latin word "servire," meaning to serve. SIRVA's alignment of associates, agents, and preferred partners will be focused to deliver customized solutions to satisfy the productivity, quality, and speed requirements of customers worldwide, including corporations, consumers, and government entities.
"The new growth capital ensures that we have the financial resources to make strategic acquisitions that enhance the suite of solutions the company offers customers, agents, and preferred partners worldwide," said Jim Rogers, Chairman and Chief Executive Officer. "SIRVA is well positioned to become a terrific global services leader and our new name symbolizes both the strategic intent and execution capabilities of our expanded value proposition." Mr. Rogers also serves as a principal of CD&R.
The four focus areas of SIRVA's operations - moving services, logistics, relocation services, and insurance - will continue to maintain their premier brand identities. Today, these high profile brands include: North American, Allied, Global, Pickfords (in the U.K.), and Allied Pickfords (in Europe, Australia, New Zealand and Asia), all leaders in moving and storage services; North American Logistics, one of the world's largest providers of specialty transportation and logistics solutions; Meridian, a relocation services company; and TransGuard, the largest multi-line insurance agency in the U.S. exclusively serving the moving and storage industry.
SIRVA is considering a wide range of initiatives, including acquisitions, to expand its services offering, generate higher growth, and create more opportunities for associates, agents and preferred partners worldwide. In connection with the strategic initiatives under consideration, the company is well positioned to leverage its extensive global sales force and fulfillment assets.
Built from the 1999 merger of North American Van Lines and Allied Van Lines, SIRVA is the world's largest global relocation and moving services company. It has operations in  countries, with more than [7,000] associates and over [1,700] independent agents. Revenues in 2001 were approximately $2.2 billion. A fund managed by CD&R originally invested in North American Van Lines in March 1998.