American investor signs for £2.7bn package to take over Evri

Parcel delivery firm Evri has been bought by global investor Apollo for £2.7bn.

Leeds-headquartered Evri, which used to be known as Hermes, had also attracted interest from China’s largest retailer, JD.com, and logistics giant DHL.

Evri had been owned by Advent International since 2020, when the American investor took a 75% stake in a deal reported to be worth €1bn. It rebranded as Evri in 2022.

It has benefitted from the continued growth of e-commerce and last-mile delivery, which accelerated during the pandemic. Evri is one of the UK’s largest parcel delivery companies and delivers to 12m customers on average every week.

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.”

NYSE-listed Apollo, which has more than £500bn of assets under management, adds Evri to a UK portfolio which includes Wagamama owner The Restaurant Group and housebuilder Miller Homes.

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.”