US PE firm Apollo has agreed to buy UK parcel company Evri, giving it control of Royal Mail's main competitor.

The majority owner of Evri, formerly known as Hermes, is PE firm Advent International, which acquired it for €1 billion from German delivery firm Otto in 2020. Evri employs more than 20,000 couriers and operates a network of more than 14,000 ParcelShops and drop-off boxes serving retailers and online platforms such as Etsy and Vinted, and holds around 15% of the UK parcel delivery market. As part of the deal, Apollo will acquire a 75% stake from Advent and the remaining stake currently held by Otto.

New York-based Apollo Global Management is a global alternative investment manager focused on private equity, private credit and real estate markets. As of March 31, 2024, it managed approximately $671 billion in assets.

This latest logistics deal comes just months after Kretinsky agreed to take over International Distribution Services, which owns Royal Mail, for £3.57bn.