Otto Group, parent company to Hermes UK, has sold a 75% stake in the parcel carrier to US private equity firm Advent International.
Under the terms of the deal Otto will retain a 25% stake in the UK activities of Hermes Group. Advent will also acquire a 25% stake in Hermes Germany, including its BorderGuru offering and a share in the ParcelLock joint venture.
The existing management team at Hermes UK will continue to run the business, and were quick to stress it would be “business as usual”.
Hermes UK chief executive Martijn de Lange said: “The investment will enable us to remain independent and be agile and responsive to future market requirements. 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.”
Advent has investments in German elevator and escalator manufacturer Thyseenkrupp and US e-commerce platform Thrasio. Previous investments in the UK include New Look and DFS Furniture.