Advent International, have agreed to sell its entity UK delivery company Evri to Apollo Funds.
It comes days after JD.com, China’s largest retailer by revenue, reportedly showed interest in bidding for Evri. But the bidding didn’t stop there, as Alibaba also put its name down in the process.
Evri is currently owned by Advent International, a private equity firm (75%), and Otto Group, a German mail-order company (25%). As part of the transaction, Otto Group will also divest its remaining minority stake in the business.
Announcing the business move, Advent International didn’t disclose the deal size, however Reuters reports it at US$3.47 billion.
This acquisition follows another major industry move – this time by Royal Mail who is being acquired by Czech billionaire Daniel Křetínský.
A leading parcel delivery company
In June, Evri unveiled a $24 million (£19 million) investment to speed up the use of electric cargo bikes for deliveries, aiming to reduce emissions.
Ranjan Sen, managing partner at Advent International, says: “Since we acquired Evri in 2020, we have invested nearly £200 million 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.”
Who is Advent International?
Founded in 1984, Advent International is a leading global private equity investor. The firm has invested in 420 companies across 43 countries and managed $94 billion in assets as of December 31, 2023.
With 15 offices in 12 countries, Advent has over 300 investment professionals in North America, Europe, Latin America, and Asia.
The business focuses on five main sectors: business and financial services, healthcare, industrial, retail/consumer/leisure, and technology.
UK courier, express, and parcel market
Mordor Intelligence reports that e-commerce is a leading driver of growth in the UK courier, express, and parcel (CEP) market.
“The segment’s growth is fueled by the adoption of technology and the emergence of delivery models, including same-day and drone deliveries,” reads the report.
Photo Credit: Evri
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About the author
Sharl is a qualified journalist. He has over 10 years’ experience in the media industry, including positions as an editor of a magazine and Business Editor of a daily newspaper. Sharl also has experience in logistics specifically operations, where he worked with global food aid organisations distributing food into Africa. Sharl enjoys writing business stories and human interest pieces.
