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Private equity firm Apollo Global Management entered into a definitive agreement yesterday (25 July) with Advent International to acquire parcel delivery company, Evri, for an undisclosed amount.
Since relaunching as Evri in 2022, the company has strengthened its national network that has been purpose-built for third-party ecommerce parcels and its last-mile delivery model.
Evri currently reaches nearly every household in the UK and, on average, serves more than 12 million customers per week.
While financial terms have not been disclosed, Apollo expects the transaction to close in the third quarter of 2023.
According to the principal of private equity at Apollo, Michael Saffer, he sees strong momentum in Evri due to its ability to “serve as value-add partners in this next phase”.
Alex van Hoek, partner at Apollo, 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.”
Martijn de Lange, CEO of Evri, added: “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.”
