Apollo Private Equity has acquired UK parcel delivery company Evri in a £2.7 billion deal.

The move comes after Advent International bought Evri, which was then named Hermes, for €1 billion in 2020.

During Advent’s holding period, the private equity firm supported the firm’s rebrand and the development of its organic growth.

Prior to its rebrand, the courier faced bad press over delays and missing deliveries, with Channel 4 investigating the matter in a documentary.

However, the company’s rebranding saw the firm heavily investing in infrastructure and technology, with Evri claiming in January that 99 per cent of deliveries were handled on time.

Evri currently delivers more than 720 million parcels a year, serving more than 12 milllion customers per week.

Its client base includes several well-known retailers, including Marks & Spencer and John Lewis, Etsy and Vinted.

Martijn de Lange, chief executive of Evri, 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.”

He continued: "We want to thank the team at Advent for their partnership over the past five years and providing the business with 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.”

With the acquisition, Apollo aims to leverage its capital and expertise in logistics and transportation to serve as a value-add partner during the next phase of growth.

Apollo partner Alex van Hoek added: “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”.

In June, Evri announced its intention to invest £19 million in its electric cargo bikes fleet expansion, planning to run around 3,000 bikes for deliveries within the next 10 years.

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