Apollo Funds to Acquire Evri, a Leading UK Parcel Delivery Company, from Advent International

Rhea-AI Summary

Apollo (NYSE: APO) has announced that Apollo-managed funds will acquire Evri, one of the UK's largest parcel delivery companies, from Advent International. Evri, which rebranded in 2022, has become a key leader in parcel delivery, serving an average of 12 million customers per week and reaching nearly every UK household. The company is known for its innovative model, technology, and infrastructure designed for reliable, lower emissions delivery in the e-commerce market.

Apollo Private Equity Partner Alex van Hoek expressed enthusiasm about partnering with Evri's management team to support the company's continued success and expansion. Evri CEO Martijn de Lange highlighted the company's transformative changes and focus on on-time delivery and environmental responsibility. The transaction is expected to close in the third quarter of 2024, with financial terms undisclosed.

Positive

• Acquisition of Evri, a leading UK parcel delivery company, expanding Apollo's portfolio in the logistics sector
• Evri serves an average of 12 million customers per week, indicating a strong market presence
• Evri's innovative model and infrastructure are purpose-built for reliable, lower emissions delivery in the growing e-commerce market
• Apollo's extensive experience in logistics and transportation could provide valuable support for Evri's growth

Negative

• Financial terms of the acquisition were not disclosed, limiting transparency for investors
• Integration challenges and costs associated with the acquisition may impact short-term performance

NEW YORK, July 25, 2024 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today 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 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.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
communications@apollo.com / EuropeanMedia@apollo.com

FAQ

When is Apollo (APO) expected to complete the acquisition of Evri?

The acquisition of Evri by Apollo-managed funds is expected to close in the third quarter of 2024.

How many customers does Evri serve on average per week?

Evri serves an average of more than 12 million customers per week in the UK.

What is Evri's market position in the UK parcel delivery sector?

Evri is one of the UK's largest parcel delivery companies and has grown to become a key leader in the sector since relaunching in 2022.

What are the key strengths of Evri that Apollo (APO) highlighted in the acquisition announcement?

Apollo highlighted Evri's innovative model, technology, and infrastructure purpose-built for reliable, lower emissions delivery in the fast-growing e-commerce market.