Private equity firm Advent International has today [25 July 2024] announced that it has agreed to sell UK parcel delivery company Evri to funds managed by affiliates of American asset management company Apollo.
Advent International acquired Evri in 2020 and has invested ‘nearly £200 million’ in the delivery company since then. This investment included a significant upgrade in technology and a construction of new £60m automated distribution hub in Barnsley, the largest of its kind in Europe.
Evri recently hosted an event at its Barnsley hub, during which it unveiled its plans for global expansion.
Commenting on the sale, Ranjan Sen, managing partner at Advent International, said: “Since we acquired Evri in 2020, we have invested nearly £200m in transforming the business and further building out its digital capabilities.
“Evri is now one of the leading parcel delivery companies in the UK with strong momentum for the future.”
James Smith, Director at Advent International, added: “We have worked closely with the team at Evri to
significantly improve conditions and benefits for its people, as well as its customer offer, operational
performance and its path to net zero.
“The business has grown significantly, having tripled its size over the last five years. Evri is well-placed to deliver strong future growth and we wish all of the team there well as they embark on their next phase of development.”
Evri delivers over 12 million parcels a week to UK e-commerce shoppers, having delivered 730 million
parcels in 2023.
The transaction for the company’s sale is expected to be closed in Q3 2024.
Martijn de Lange, CEO of Evri, commented: “The last five years have seen transformative change in our
proposition which has allowed us to take full advantage of the positive trends in our markets.
“With the support of Advent, the business today is in a strong position and momentum is encouraging. We are very excited to be partnering with Apollo and optimistic for what the future holds.”
As part of the transaction, Otto Group is set to divest its remaining minority stake in the business.
Kay Schiebur, member of Otto Group’s executive board, said: “We would like to thank Advent for
the excellent cooperation and are pleased that Evri’s strong foundation created under our joint
stewardship sets the basis for a successful future.”
