Building on an unrivalled heritage as an accounting services leader in the SME market – Andrew Waidhofer discusses the Apax Funds’ investment into S&W and growth plans post-carveout
Andrew Waidhofer
Principal, Apax
In November 2024, the Apax Funds announced they would be acquiring Evelyn Partners' professional services business which has since rebranded as S&W, a leading accountancy and advisory business that serves the mid-market.
Andrew Waidhofer, Principal in Apax's Services team, offers an in-depth look at what attracted the Apax Funds to S&W and how they plan to support the company's growth post-carveout.
What is S&W?
“Everyone knows the Big 4 in accounting. Below them, firms tend to either challenge the Big 4, focus on SMEs, or serve micro businesses. S&W is a market leader in the SME space, offering a broad range of services, including tax, audit, and advisory solutions. Relaunched after a carveout from Evelyn Partners, and backed by the Apax Funds, S&W is a client-focused firm, rooted in heritage at the forefront of providing the highest quality advice to its clients.”
What first attracted you to S&W?
“We had been tracking the accounting services space for a number of years, and in S&W, we found an impressive business operating in our prioritised SME market. S&W had delivered impressive organic performance, even while operating as a small part of broader wealth management platform, Evelyn Partners.
With deep experience in carveouts, supported by Apax’s Operational Excellence Practice (“OEP”), we saw the opportunity to further invest behind S&W to accelerate the growth trajectory of the business under the Apax Funds’ ownership.”
How is S&W positioned to take advantage of growth opportunities in the accountancy and advisory space?
“S&W operates in the SME market, where rising regulation and conflicts have made the Big Four and challenger firms less competitive. With a strong reputation and established presence, S&W can attract top talent, expand its service offering, and grow faster than the market – creating a cycle that continually reinforces its market strength.”
How will the Apax Funds partner with S&W to fuel growth?
“Our shared vision with management is to unlock the scale benefits of the S&W platform. We see a clear opportunity for the Apax Funds to support growth – both organically, by hiring new talent and through M&A in what remains a fragmented market.
Together with Apax’s OEP, we will help strengthen the business by making use of S&W’s scale to invest behind technology and become a leader in innovative service delivery for S&W’s clients. We also look forward to backing S&W to expand into new service lines (be it organically or through M&A) to better meet growing client demands.”
Company
Investment year
2025
Deal status
Current