Hermes UK is in new majority ownership with US investment firm Advent International and the Hermes UK management team taking the majority stake in the parcel delivery business. Hermes’ parent, the Otto Group, had confirmed that it was seeking an investor in the parcel delivery group some two years ago.
Advent and the Hermes UK management team have taken a 75 per cent stake in the UK business, leaving Otto with 25 per cent. Advent is also taking a 25 per cent stake in Hermes Germany.
Martijn de Lange, CEO, Hermes UK said: “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.”
Hermes UK revenues reached £860m in the year to February, with pre-tax profits up by 28 per cent to £46m.
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