Advent International Eyes $2.5B Exit from Evri
Private equity news the week of February 12th, 2024.
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Deal News
Advent International is preparing to exit Evri, a UK-based logistics company, at a $2.5 billion valuation, according to The Times. Advent acquired a majority stake in the company in 2020 at a roughly $1.4 billion valuation. At the time, Evri had a 31% share of the UK eCommerce delivery market. It would be a solid exit for Advent, which likely also benefitted from a $962 million dividend payment that Evri issued to shareholders in 2022.
The shift to online shopping, accelerated by the COVID-19 pandemic, was a boon to Evri’s parcel delivery business the past few years. As a result, the company named several key executive appointments including Harvinder Atwal as Chief Data Officer in 2022 and David Saenz as Chief Growth Officer in 2023.
Advent has also guided the company to adopt more sustainable last-mile delivery methods. For example, more than one in three of Evri’s delivery vans are electric and the company delivered 160,000 parcels in London last year by bicycle.
