Apollo-managed funds have entered into a definitive agreement with Advent International to acquire Evri, for a reported £2.7bn, with the deal expected to close in the third quarter of 2024.
“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,” said Alex van Hoek, Apollo private equity partner.
“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.”
Evri, a rebrand of Hermes in 2022, has worked to change the company’s image of mishandling parcels. Earlier this month it announced courier benefits ahead of peak. It has also invested heavily in a sustainable fleet, with ecargo bike roll-outs, and AI technology.
Martijn de Lange, Evri CEO, added: “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.”
Despite the investment and “transformative changes”, Evri was recently ranked ‘poor’ by a consumer survey in which 48% of respondents rated it negatively. There had been several reports of the company looking for a buyer since February.
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