SIRVA, Inc. – EGI

SIRVA, Inc.

Transportation
Key Takeaway

Balancing the risk profile

The 2007 financial crisis devastated moving and relocation company SIRVA, forcing it to file for bankruptcy protection. Management had failed to adequately address a rapidly growing inventory of unsold homes, and had not properly integrated earlier acquisitions. We acquired a substantial position in SIRVA’s pre-petition bank debt before and during the filing. At emergence, we received a combination of take-back paper and equity, as well as a board seat. We participated in the selection of the new management team and worked closely with the team to improve business strategy with a focus on risk management and acquisition integration. We also guided the company in developing an improved capital structure. Two of our senior executives continue to serve on the company’s board.