Sterling Relocation Limited / UniGroup Inc

Cavendish Corporate Finance, the UK’s top sell-side mid-market M&A firm, has advised on the sale of Sterling, Europe’s largest independent moving and relocation business, to UniGroup, a $1.7 billion US-based global leader in transportation and relocation services.

UniGroup and Sterling represent one of the largest global networks of relocation and moving services, with 27 regional offices and more than 1,000 local service providers in more than 180 countries on six continents.

Sterling, founded in London over 20 years ago, offers a broad array of relocation services to some of the world’s leading companies including major investment banks and professional services firms, among others. The company’s offices are located in the UK, France, Germany, Switzerland, Spain, Asia and the USA.

Headquartered in St Louis, in the US, UniGroup has provided global relocation services for over 60 years and continues to expand, particularly in Asia, where it has moving and storage facilities in Singapore, Hong Kong, China, Malaysia, Thailand, Vietnam, and the Philippines.

The acquisition of Sterling will provide UniGroup with a full range of relocation consulting, assignment management, immigration, destination and supply chain management services to better meet its clients’ needs, while UniGroup provides Sterling with resources to expand its capabilities and service offerings.

Former owners Rupert Morley and Jeremy Beglin will continue to serve as Sterling’s President and Vice President of Sales and Business Development respectively, for UniGroup global relocation services.

Cavendish, which advised Sterling, has so far completed nine deals in 2014. Its previous Business Services deals include: TCL Holdings, Helios and First City Care among others.

James Ellis, Associate Director at Cavendish, who led the transaction, commented:

“The transaction is an excellent strategic fit for both companies. The combined capabilities of both Sterling and UniGroup will provide blue chip clients and individual assignees with the depth of service offering and international reach to meet their range of needs across the globe. This is yet another example of Cavendish managing a highly successfully sales process to an overseas strategic buyer and we have seen an accelerating trend over the first half of this year of foreign buyers looking to acquire growing UK businesses.”

Rupert Morley, CEO of Sterling Relocation, commented:

“Cavendish handled the transaction with elegance and efficiency. They were proactive, everything kept to time and we completed as planned, less than six weeks after agreeing the heads of terms.

“TC Group have a fantastic business model and brilliant management team, which combined with Inflexion’s sector and M&A experience, puts us in a great position to help accelerate its already impressive growth. We look forward to working with the team to seize the market opportunity together.”

Malcolm Coffin, Partner and Head of Enterprise Fund at Inflexion

“We are delighted to have found a perfect match to drive the growth of the Company we founded in 2005. After a rigorous sale process, we have no doubt that Davidson Kempner/Pithos Capital will continue to develop the Company as the UK’s largest independent self-storage provider and we look forward to following its progress.”

The finnCap Cavendish team, led by Nehal Patel, did a fantastic job, running a truly competitive process and managing the transaction with great skill. They were instrumental in delivering this deal and the successful outcome.”

Keith Taylor and Cathy Taylor, Co-Founders, UK Storage Company Ltd

“The finnCap Cavendish team did a great job of running a competitive process to establish the best transaction options available for our stakeholders. They were instrumental in delivering the Talan deal and were a pleasure to work with.”

Alex Goody, CEO, Gemserv

“The finnCap Cavendish team has achieved a truly outstanding result for our Shareholders. Their knowledge of our business, the sector and the buyer landscape, as well as their commitment throughout to the process, was critical to our success.”

Steve Beckitt, Founder-CEO, SourceBreaker

“I could not be prouder to be joining the Otonomo team. This is a big, bold step that brings us closer to our vision of safer and smarter mobility for all. Our clients and partners, some of the leading insurers of the world, will have access to a significant and unique set of data products, tools and resources to help them compete and thrive in a connected new world ahead.

We really appreciated Cavendish’s excellent advice, their understanding of the business and getting the best outcome for the company by driving the process.”

Aldo Monteforte, CEO of The Floow

Over the last 16 years, we’ve grown to become the biggest search firm in the world dedicated to executive search in sports and entertainment, working in partnership with brands and wonderful clients across more than 20 countries and in every major sports league. Today, we join with Excel, enhancing our ability to see our clients achieve their fullest potential both on and off the field.

The finnCap Cavendish team played a critical role in helping us to secure the right partner and home for our business. The team’s recruitment sector expertise and commitment throughout the deal was second to none, I would have no hesitation in recommending them to other business owners considering M&A.”

Paul Nolan, Founder-CEO, Nolan Partners

“I have loved working with Andrew, Ben and Hugh at Cavendish! Hamilton Fraser is more than just a company to me. For me to sell, any deal had to deliver value but also see the business find a great new home. Cavendish always listened and provided their advice on these points and how best to achieve what I was looking for. I am delighted to have found the perfect partner in GRP with their support.”

Eddie Hooker, CEO, Hamilton Fraser

“We are delighted with the support received from the finnCap Cavendish team throughout this process. Mike and the team ensured that we prepared meticulously, identified the right pool of potential investors and worked closely with us, the management team and our legal advisers to deliver a great outcome for the Shareholders. We wish the Intelling team and RDCP all the best in their next phase of growth.”

Karl Cockwill, Portfolio Director, NVM

“This transaction is a hugely important step in the company’s development, strongly positioning the business for its next phase of growth, allowing us to meet the growing need for secondary school students to learn in an independent, fluid and remote manner.”

Anthony Coxon, Co-Founder, GCSEPod

“Cortland shares our core values and our customers focus, and their additional resources will help us accelerate our growth in the UK market.”

Nigel Burnand, Managing Director, Qdime