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Realogy to Sell its Global Relocation Business to SIRVA Worldwide, Inc. in $400 Million Transaction
Realogy will use a substantial majority of net proceeds to pay down corporate debt and will leverage Broker Network and Affinity business to serve a broader customer-base MADISON, N.J., Nov. 7, 2019 -- Realogy Holdings Corp., the largest full-service residential real estate services company in the United States, and SIRVA Worldwide, Inc., a subsidiary of SIRVA, Inc., a leading global relocation and moving service provider, today announced a definitive agreement under which SIRVA will acquire Realogy's global Cartus Relocation business. The transaction is valued at $400 million, and is expected to close in the first half of 2020, subject to the receipt of required regulatory clearances and other closing conditions. SIRVA is a portfolio company of investment funds managed by Madison Dearborn Partners, LLC (MDP), a leading private equity firm based in Chicago. The transaction includes all of the Relocation assets of Realogy's Cartus subsidiary but does not include the Cartus Affinity business, which delivers home selling and buying assistance to members of affinity clients, nor its Broker Network, made up of expert agents and brokers from Realogy's residential real estate brands and certain independent real estate brokers. Affinity complements Realogy's core business, which includes both franchise and owned residential real estate brokerage companies as well as title and settlement services. Under the terms of the agreement, Realogy will receive $375 million in cash at closing, subject to certain adjustments, and a $25 million deferred payment. Realogy intends to use a substantial majority of the net proceeds from the transaction, after taxes and transaction and separation-related costs, to pay down corporate debt and use the balance to reinvest in the business. "The sale of Cartus's Relocation business is part of Realogy's strategy to simplify and streamline our company as we strengthen and hone our value proposition," said Ryan Schneider, Realogy's chief executive officer and president. "This transaction will allow Realogy to retain and focus on growing elements of the business that are critical to our value proposition, including our Affinity and other lead generation partnership programs, which benefit from our established Broker Network. It will also allow us to use net proceeds to reduce debt, reinvest in the business, and drive greater long-term value for our shareholders." "This acquisition will offer clients broader choice, tremendous program flexibility and a heightened pace of innovation," said Tom Oberdorf, SIRVA's Chairman and CEO. "SIRVA's clients will benefit from access to Cartus's well-established Broker Network, while SIRVA's integrated household goods capacity will benefit Cartus customers. We believe the investments both companies have made in leading-edge technology solutions, exceptional client service delivery and growth will allow us to create the industry's most capable, knowledgeable and accessible relocation management company to best serve our existing and future customers." About Realogy Realogy is the leading and most integrated provider of residential real estate services in the U.S. that is focused on empowering independent sales agents to best serve today's consumers. Realogy delivers its services through its well-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Climb Real Estate®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, Sotheby's International Realty® as well as NRT, Cartus®, Title Resource Group and ZapLabs®, an in-house innovation and technology development lab. Realogy's fully integrated business model includes brokerage, franchising, relocation, mortgage, and title and settlement services. Realogy provides independent sales agents access to leading technology, best-in-class marketing and learning programs, and support services to help them become more productive and build stronger businesses. Realogy's affiliated brokerages operate around the world with approximately 190,000 independent sales agents in the United States and approximately 110,400 independent sales agents in 112 other countries and territories. Realogy is headquartered in Madison, New Jersey. About SIRVA Worldwide Relocation & Moving SIRVA is a global leader in moving and relocation services, offering solutions for mobility programs to companies of every size. With 75 owned locations and more than 1,000 franchised and agent locations in 177 countries, we offer unmatched global breadth supported by localized attention and innovative technology that strikes the right balance of self service and human support. From relocation and household goods to commercial moving and storage, our portfolio of Brands (SIRVA, Team Relocations, Allied, northAmerican, Allied Pickfords & SMARTBOX) provides the only integrated moving/relocation solution in the industry. By leveraging our global network, we deliver a superior experience that only a "one-stop shop" can provide.
AveryHess, Realtors Receives WHR Group Partner-in-Quality Award
WASHINGTON - Feb. 26, 2018 -- AveryHess Realtors®, a leading independent real estate firm serving the Greater Washington, DC area, has been recognized with the WHR Group 2017 Partner-in-Quality Award. A 23-year leader in global relocation, WHR Group helps companies relocate thousands of employees to new opportunities every year. The award is presented to those partner companies who achieve the top 1 percent of service in their respective fields. "We are both honored and thrilled to receive this prestigious award from WHR Group," says AveryHess President, Scott Avery, "It is a recognition of the amazing team we have here at AveryHess, who are dedicated to going above and beyond to provide our clients with superior service whether they are moving across town, across the country, or around the world." In judging for the award, WHR Group evaluated real estate firms in three areas: commitment to customer satisfaction; Broker's Market Analysis (BMA) accuracy; and list-to-sales variance. AveryHess earned top marks across the board. "It takes a lot of hard work to provide the highest level of quality for every relocation client," says Avery. "I am incredibly proud to be part of such a fantastic team, and I congratulate everyone who made this award possible. Founded in 1995, WHR Group provides relocation services to Fortune 500 corporations, government agencies, and large and small companies. Its annual Partners-in-Quality Award is presented to those partners that have excelled in customer satisfaction, supply chain management, service excellence, and overall cost management in relocation. Founded in 1992, AveryHess, Realtors® is an independent real estate brokerage that operates in eight offices serving Washington DC, Maryland, and Virginia. With more than 180 agents, the company is committed to providing the best service, market knowledge, technology and decision support to its clients Every Step of the Way.