Martijn de Lange announces, ‘The Worlds biggest investor, we’re excited to announce that Apollo Global Management, Inc. will be the new owner of Evri. We are a UK success story and the hard work of our colleagues and couriers has enabled our business to triple in size over the last five years. Together with our previous owner Advent International we have delivered business transformation with significant investment into operations and customer service, the launch of our ESG strategy and the move to international growth. Our future with Apollo is super exciting and will support our ambitions to grow Evri both internationally and in the UK. As we continue to grow, we remain committed to serving our customers and clients by maintaining our high 99% on-time delivery rate.’
Apollo (NYSE: APO) this week announced that Apollo-managed funds (the “Apollo Funds”) have entered into a definitive agreement with Advent International to acquire Evri, one of the UK’s largest parcel delivery companies.
Since relaunching as Evri in 2022, the company has grown to become a key leader in parcel delivery, with a strong national network purpose-built for third-party e-commerce parcels and a differentiated last-mile delivery model. Today, Evri reaches nearly every household in the UK and, on average, serves more than 12 million customers per week.
Apollo Private Equity Partner Alex van Hoek said, “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. We are delighted to partner with Martijn and the management team to support and invest in Evri’s continued success and expansion as an Apollo fund portfolio company.”
Evri CEO Martijn de Lange
Evri CEO Martijn de Lange 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. We want to thank the team at Advent for their partnership over the past five years and providing the business with a 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.”
“There is strong momentum in Evri’s business and we are excited to leverage our capital and experience in logistics and transportation to serve as value-add partners in this next phase,” added Apollo’s Michael Saffer. Apollo’s private equity business has a long track record spanning more than 30 years and significant experience in the transportation and logistics space.
The Evri transaction is expected to close in the third quarter of 2024. Financial terms are not disclosed. Sidley Austin LLP is serving as legal counsel to the Apollo Funds.
About Apollo - Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2024, Apollo had approximately $671 billion of assets under management. To learn more, please visit www.apollo.com.
