Parcel delivery firm Evri to be sold to Apollo
Parcel delivery firm Evri is to be sold to private equity firm Apollo by owner Advent International.
Since it acquired Evri in 2020, Advent has invested nearly £200 million in the business which has tripled in size over the last five years and now delivers over 12 million parcels a week to UK shoppers. The investment covered a significant upgrade in technology and the creation of a new £60 million automated distribution hub in Barnsley.
Evri chief executive 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.”
With the transaction expected to complete in the third quarter of 2024, Evri will be hoping to benefit from Apollo’s significant experience in the transportation and logistics space.
In June 2024, Evri announced that it would be investing a further £19 million in new plans to fast track the rollout out of electric cargo bikes to deliver parcels and reduce emissions.
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 ecommerce 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.”
Financial terms for the acquisition have not been disclosed.
