Pemberton, the asset manager backed by one of Europe’s largest insurers, Legal & General Group PLC, is supporting Advent International’s acquisition of a majority stake in Hermes UK, the leading consumer delivery company, with the provision of debt financing, together with Goldman Sachs Merchant Banking Division and PSP Investments.
Hermes UK is one of the leading consumer delivery companies in the United Kingdom and delivers over 400 million parcels a year on behalf of many of Europe’s leading retailers, including Next, Asos and Pretty Little Thing. The company has experienced sustainable double-digit growth over the past seven years, consistently reinvesting profit into its proposition, infrastructure and people.
The transaction follows a recent announcement from Hermes UK that it is looking for more than 10,500 ‘parcel people’ to join its business. The recruitment drive reflects the increased demand created by people shopping online during lockdown, and the continued growth in the sector. Pemberton is supporting Advent International and Hermes UK with the provision of debt financing via its Mid-Market Debt Strategy.
Eric Capp, Head of UK at Pemberton, said: “Hermes UK is renowned for the quality of its services and has an impressive track record for continuous growth and innovation. We are pleased to support leading global private equity house Advent in this high-growth investment. Hermes UK is a crucial part of the country’s business and e-commerce infrastructure, as people are increasingly shopping online amid the current environment.
Pemberton’s platform was purpose-built to support companies with strong growth potential and sponsors with unrivalled expertise in furthering their portfolio companies’ ambitions. Hermes UK and Advent International are both perfect examples of this, and we are excited to provide capital to help Hermes UK pursue further investment in future growth and technology.”
Completion of the transaction is subject to approval by the boards and relevant antitrust authorities.
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