Evri private equity owner Advent is preparing to sell a delivery company for £2 billion
Parcel delivery company Evri is reportedly being prepared for a £2 billion sale by its private equity majority shareholder.
Advent International is working with advisers from investment bank Rothschild to explore options for the company, including a possible sale, The Sunday Times reported.
It bought a 75 percent stake in the company, then known as Hermes UK, in 2020 for a reported £850 million.
The remaining 25 percent remains in the hands of the German Otto group. In 2022, Evri’s owners collected a dividend of £762 million.
It comes after The Mail on Sunday revealed Advent was also preparing to sell the last remains of British defense and aerospace group Cobham.
Sellout: Advent International is working with advisors from investment bank Rothschild to explore options for Evri, including a possible sale
Evri started life as Bradford-based Grattan Mail Order in 1974. As Hermes, it boomed during the pandemic, thanks to a surge in online shopping.
Today, the company boasts of delivering more than 700 million packages per year through more than 20,000 couriers.
Revenues for the year to February 2023 were flat on the previous year at £1.46 billion, while the company posted a net loss of £77 million.
Advent declined to comment on the issue of a possible sale.