Evri private equity owner Advent preparing GBP 2bn sale of delivery firm
Posted: 12 Feb 2024, 08:55
https://www.thisismoney.co.uk/money/mar ... -firm.html
Parcel delivery firm Evri is reportedly being prepared for a sale valuing it at £2billion by its private equity majority owner.
Advent International is working with advisers from investment bank Rothschild to explore options for the company, including a potential sale, The Sunday Times reported.
It bought a 75 per cent stake in the company, then known as Hermes UK, for a reported £850m in 2020.
The other 25 per cent remains in the hands of Germany's Otto group. In 2022, Evri's owners extracted a £762m dividend.
It comes after The Mail on Sunday revealed that Advent was also preparing to sell off the last remnants of UK defence and aerospace group Cobham.
Evri began life as Bradford-based Grattan Mail Order in 1974. As Hermes, it saw a boom during the pandemic, thanks to a surge in online shopping.
Today, it boasts of delivering more than 700m parcels a year via more than 20,000 couriers.
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Revenues for the year to February 2023 were flat on the year before at £1.46billion, while the company swung to a bottom line loss of £77m.
Advent declined to comment on the issue of a potential sale.
Parcel delivery firm Evri is reportedly being prepared for a sale valuing it at £2billion by its private equity majority owner.
Advent International is working with advisers from investment bank Rothschild to explore options for the company, including a potential sale, The Sunday Times reported.
It bought a 75 per cent stake in the company, then known as Hermes UK, for a reported £850m in 2020.
The other 25 per cent remains in the hands of Germany's Otto group. In 2022, Evri's owners extracted a £762m dividend.
It comes after The Mail on Sunday revealed that Advent was also preparing to sell off the last remnants of UK defence and aerospace group Cobham.
Evri began life as Bradford-based Grattan Mail Order in 1974. As Hermes, it saw a boom during the pandemic, thanks to a surge in online shopping.
Today, it boasts of delivering more than 700m parcels a year via more than 20,000 couriers.
How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account
Revenues for the year to February 2023 were flat on the year before at £1.46billion, while the company swung to a bottom line loss of £77m.
Advent declined to comment on the issue of a potential sale.