Monday, September 21, 2020

PE firm takes majority stake in Hermes UK

Global private equity firm, Advent International, has acquired a majority stake in Hermes UK, the Leeds-headquartered consumer delivery company.

This follows news from Otto Group that it has formed a partnership with Advent for its Hermes Group businesses in the UK and Germany.

The deal will see Advent partner with the current management team to acquire a 75% stake in Hermes UK. Otto Group will continue to own 25% of the company.

The transaction will facilitate further investment by Hermes in technology and infrastructure and support the future growth of the business in the rapidly growing parcel delivery sector.

The management of Hermes UK will continue to lead the business as an independent company, with ‘business as usual’ for employees, suppliers and customers.

The acquisitions comes as Hermes UK is preparing itself for an upsurge in demand for its services. The company predicts that parcel volumes will reach “record levels” during the Black Friday and Christmas period.

“This is fantastic news for Hermes UK as we continue our upwards trajectory in the fast-growing and capital-hungry home delivery sector.

“The investment will enable us to remain independent and be agile and responsive to future market requirements,” said Martijn de Lange, CEO at Hermes UK.

“It will help to expedite the development of our capacity and technology, supporting the introduction of new innovative products and services that will greatly benefit our retail clients and their customers.”

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