Home Estate Planning Evri: Private equity owners prep parcel giant for £2bn sale

Evri: Private equity owners prep parcel giant for £2bn sale

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Evri’s private equity owners are prepping a mega £2bn sale of the parcel delivery firm, according to reports.

Advent International, the American private equity giant that owns the firm, is working with advisers from Rothschild to explore options for the company, which could lead to the blockbuster deal, the Sunday Times reported.

Advent has held a 75 per cent stake in Evri since 2020 alongside its other shareholder Otto, formerly Hermes UK. The sale comes after Evri paid out £762m in dividends to its shareholders.

Evri works with around 20,000 self-employed drivers, while directly employing almost 7,700 people at its head offices and warehouses.

The firm has grown exponentially in the last five years after online sales from housebound customers soared during Covid-era lockdowns.

However, profits have slipped since then on the back of inflation and staff shortages. The company reported a £77m loss for the year to February 25, while turnover levelled out at £1.46bn.

The parcel firm has faced consistent backlash for delivery delays in recent years. It was forced to apologise to customers in 2022 after the number of late deliveries on Black Friday and Christmas rose by nearly one third year-on-year.

In a survey last year from the consumer website MoneySavingExpert last year, Evri was ranked as the worst parcel delivery firm in the UK, ahead of Barclay family-owned rival Yodel.

Yodel, which services brands including John Lewis and Argos, is currently battling insolvency, with administrators on standby amid waning hopes of a rescue deal.

Evri was approached for comment. Advent International declined to comment.

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