Private equity investor Advent International has announced they have agreed to sell parcel delivery company Evri to Apollo Global Management in a £2.7 billion deal.
Advent International acquired Evri in 2020 investing £200 million in the delivery company that delivers over 12 million parcels a week to UK e-commerce shoppers.
This investment involved a significant upgrade in technology and £60 million on a new automated distribution hub in Barnsley, the largest of its kind in Europe.
James Smith, Director at Advent International, said, “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.”
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.”
“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,” added Apollo’s Michael Saffer.