Global alternative asset manager Apollo Global Management is to acquire Evri, one of the largest parcel delivery companies in the UK, from private investment firm Advent International in a £2.7bn deal which is expected to close in Q3 2024, according to reports.
In 2020, Advent acquired the UK operations of the business, then known as Hermes, for €1bn, before rebranding the company as Evri in 2022.
The company now delivers some 720m parcels annually, serving about 12m customers each week and includes major retailers such as Marks & Spencer and John Lewis, as well as online platforms Etsy and Vinted among its clients.
In a press statement, Martijn de Lange, Chief Executive of Evri, said: “We are incredibly proud of the transformative changes that have enabled Evri to efficiently scale while maintaining our focus on on-time delivery and an environmentally responsible model. We want to thank the team at Advent for their partnership over the past five years and providing the business with a strong foundation for continued expansion. In this next chapter, we are excited to partner with the Apollo team to execute on the compelling growth opportunities we see ahead.”
Alex van Hoek, Apollo Private Equity Partner, added: “Evri has built an enviable position in parcel delivery, with an innovative model, technology, and infrastructure purpose-built for reliable, lower emissions delivery in the fast-growing e-commerce market. We are delighted to partner with Martijn and the management team to support and invest in Evri’s continued success and expansion as an Apollo fund portfolio company.”
