Yodal has undergone an acquisition by YDLGP Limited (‘YDLGP’), a newly established entity, in a transaction of undisclosed value (‘the Acquisition’). YDLGP benefits from support by a consortium of investors, including Solano Partners Ltd, an independent boutique investment bank that facilitated the acquisition, as well as the leadership team behind Shift, a swiftly expanding logistics platform based in the UK, led by its founder, Jacob Corlett.
With a broad and expanding client base spanning various retail sectors, including very.co.uk, Wren Kitchens, Gousto, Vinted, Whistl, and Argos, Yodel executes over 190 million deliveries annually from its 50 sites (comprising 47 customer delivery depots and three sortation hubs). As of the year ending December 31, 2023, Yodel recorded £561.8 million in revenue and has continuously gained market share, securing new clients such as Boden and Zalando. Yodel maintains a robust market position in the rapidly growing Customer to Anywhere (‘C2X’) sector and is poised to further expand its market share.
Additionally, Yodel announces that its new parent company, YDLGP, has reached an agreement to acquire the entire issued share capital of Shift, the technology-driven logistics scale-up that acquired and relaunched Tuffnells in June 2023.
Upon completion, the combined entity will establish a ‘super scale’ logistics platform catering to both the parcel market through the Yodel business and larger, irregular dimensions and weights (‘IDW’) freight through the Tuffnells brand. Shift’s AI-driven, state-of-the-art technology platform will serve as the foundation for automation and enhanced efficiency across both enterprises. The expertise of the Shift leadership team, which successfully revitalised the Tuffnells brand, will contribute significantly to the technological and operational aspects of the venture. Furthermore, this deal, along with the access to capital it provides, ensures the protection of numerous jobs in the UK, offering security for drivers, suppliers, and customers alike.
Mike Hancox, CEO of Yodel, said:
“We’re extremely excited to begin the next chapter of Yodel’s journey, leveraging the scale of our business with the support of new shareholders and the future benefits of the Shift technology platform. Our customers have always been our priority, and the transaction announced today allows us to ensure continuity for them, as well as our employees and wider stakeholders.”
Jon Edirmanasinghe, Founding Partner of Solano, said:
“We believe there is a fantastic opportunity to harness the strong brand and scale of Yodel in the UK and take further market share with the support of fresh capital and the innovative technology provided by the Shift team. We’ve seen the Shift team successfully acquire and relaunch the Tuffnells business and believe that forming the enlarged group to house all three creates a disruptive logistics powerhouse.”
Jacob Corlett, CEO of Shift, said:
“I am incredibly proud of what we have built at Shift in the last few years, rapidly scaling our tech-logistics platform, and M&A has been a big part of that success. At the heart of this merger is Shift’s revolutionary AI-driven technology platform, promising a future where efficiency and automation become the backbone of logistics operations. I look forward to working with Mike and the Yodel team, and with the support of YDLGP, continuing our journey building and scaling logistics through technology.”
