Private equity firm Advent International is preparing to sell Evri, the German delivery business formerly known as Hermes UK, which has so far been valued at £2bn including debt, according to a report by The Sunday Times.
According to the report, Advent has been working with advisors from Rothschild to review its options including a potential sale.
The firm became a majority owner in 2020, having invested £850m for a 75% stake; the remaining 25% is owned by German retail company Otto Group. Evri’s sales totalled £1.4bn in 2023, which remained unchanged from the year prior, according to another report by Reuters.
Evri’s 2022 rebranding from Hermes UK was actioned under Advent’s ownership after allegations of parcel mishandling and poor customer service emerged in a December 2021 investigation by The Times, which the company said were ‘unfounded’ and ‘did not reflect our business’.
