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Advent International, a private equity firm, has purchased a 75% stake in Hermes UK and a 25% stake in Hermes Germany.

Hermes' parent company, the Otto Group, has relinquished its majority stake in Hermes UK but will retain representation in major strategic decisions.

This follows an announcement from the Otto Group in May that it was looking for a partnership in the parcel delivery sector.

Business for Hermes has been going strong during the COVID-19 pandemic, in both the UK and Germany. Last month Hermes UK announced that it would be hiring more than 10,500 new staff to meet growing demand.

Kay Schiebur, a member of the Otto Group's executive board for services, said: “The enormous interest shown by potential market partners in an investment reflects the attractiveness of the market segment and Hermes' excellent market position in the two most important delivery markets in Europe.

“The partnership with Advent gives both companies further scope for essential investments and thus creates optimal conditions for further growth.”

Schiebur cited locker delivery as one possible area of expertise Advent could bring to the partnership. Advent previously acquired parcel locker company InPost.

The deal is subject to approval by the boards and antitrust authorities.

Source: Post & Parcel

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