New York private equity firm Apollo announced that Apollo-managed funds have entered into a definitive agreement with Advent International to acquire Leeds-based Evri, one of the UK’s largest parcel delivery companies.
Financial terms were not disclosed but the deal is thought to be worth about £2.7 billion.
“Since relaunching as Evri in 2022, the company has grown to become a key leader in parcel delivery, with a strong national network purpose-built for third-party e-commerce parcels and a differentiated last-mile delivery model,” said Apollo.
“Today, Evri reaches nearly every household in the UK and, on average, serves more than 12 million customers per week.”
Apollo Private Equity Partner Alex van Hoek said: “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.”
Evri CEO Martijn de Lange 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.”
Apollo’s Michael Saffer said: “There is strong momentum in Evri’s business and we are excited to leverage our capital and experience in logistics and transportation to serve as value-add partners in this next phase.”
Advent bought the Leeds business in 2020 when it agreed a €1bn deal to acquire the UK operations of the Hermes parcel delivery group from German company Otto. The business was relaunched as Evri two years later.