Yodel rescued by rival firm Shift
The Shift leadership team will provide significant technology and operational expertise, having successfully turned around the fortunes of the Tuffnells brand
Yodel has announced that it has been acquired by YDLGP Limited, a newly formed company backed by rival firm Shift, for an undisclosed amount.
YDLGP is also backed by a consortium of investors including Solano Partners Ltd, an independent boutique investment bank who also advised on the acquisition
Yodel also announced that its new owner, YDLGP, has agreed terms to acquire the entire issued share capital of Shift, the tech logistics scale up that acquired and relaunched Tuffnells in June 2023.
Upon completion, the enlarged group will form a ‘super scale’ logistics platform serving both the parcels market through the Yodel business, and larger, irregular dimensions and weights (‘IDW’) freight through the Tuffnells brand.
The Shift leadership team said it will provide “significant technology and operational expertise”, having successfully turned around the fortunes of the Tuffnells brand.
Furthermore, the deal and the access to capital it facilitates safeguards thousands of UK jobs, providing surety for drivers, suppliers and customers alike.
Mike Hancox, CEO of Yodel, said: “We’re extremely excited to begin the next chapter of Yodel’s journey, leveraging the scale of our business with the support of new shareholders and the future benefits of the Shift technology platform. Our customers have always been our priority and the transaction announced today allows us to ensure continuity for them, as well as our employees and wider stakeholders.”
Jacob Corlett, CEO of Shift, added: “I am incredibly proud of what we have built at Shift in the last few years, rapidly scaling our tech-logistics platform, and M&A has been a big part of that success.
“At the heart of this merger is Shift’s revolutionary AI-driven technology platform, promising a future where efficiency and automation become the backbone of logistics operations. I look forward to working with Mike and the Yodel team, and with the support of YDLGP, continuing our journey building and scaling logistics through technology.”