Evri on track to be sold for £2 billion
Parcel delivery service, Evri, is reportedly set to be sold after being valued at £2 billion by its private equity majority owner Advent International.
The owner is working with advisers from investment bank Rothschild to explore options for the company, including a potential sale, according to The Sunday Times.
Back in 2020, Advent International purchased a 75% stake in the company, previously known as Hermes UK, for a reported £850 million.
The other 25% is owned by German-based Otto group.
It comes after The Mail on Sunday revealed that Advent was also preparing to sell off the last remnants of UK defence and aerospace group Cobham.
The company was founded as 'Grattan Mail Order' in 1974. Today, Evri employs almost 7,700 members of staff at its head offices and warehouses, as well as around 20,000 freelance drivers.
This follows last weeks news that rival, Yodel, is facing the predicament to call in administrators in a final hope to make a rescue deal. This could result in an online shopping delivery disruption.
This comes after Yodel, followed by Evri, was rated one of the worst shipping companies of last year by Citizens Advice in its annual league table of couriers.