Apax Funds to acquire Evelyn Partners’ professional services business

25th November 2024

Funds advised by Apax Partners LLP (“Apax”) today announced that they have reached an agreement to acquire the professional services business of Evelyn Partners. The transaction is subject to customary regulatory approvals.

Upon completion, the professional services business will be rebranded S&W, building on the heritage of the Smith & Williamson brand which was founded in 1881. S&W, which is based in London and serves clients across the UK, will operate as the largest mid-market player in its sector, offering a range of accountancy services to its end clients. With its strong brand and high-quality service offering, S&W has shown its ability to attract and retain a deep pool of talent resulting in a demonstrated track record of above-market organic growth.

As an independent company, S&W will be able to further invest in technology and talent recruitment to help drive organic growth and build out additional services to meet client needs. The Apax Funds will also support the Company in consolidating its position as market leader through select M&A opportunities in a highly fragmented market.

Paul Geddes, Chief Executive Officer of Evelyn Partners, commented: “Evelyn Partners has demonstrated the strength and resilience of its business model since the merger in 2020. The growth of both our Financial Services and Professional Services businesses means that this is the right moment to sharpen our focus further by creating two strong standalone businesses, each concentrated on the growth opportunities in its sector.”

Andrew Wilkes, Chief Executive Officer designate of S&W, said: “Our professional services business has experienced a period of very strong growth in recent years, attracting top talent at all levels and expanding the range of services which we provide. More recently, we have launched our M&A programme, completing seven deals. We are seeing significant growth opportunities in the market and the whole team are very excited about our partnership with Apax Partners. The new funding and expertise that Apax brings will help accelerate our growth strategy.”

Frank Ehmer, Partner at Apax, commented: “We have been tracking the accountancy and advisory space for a number of years and prioritised S&W as the ideal UK platform to invest behind. Throughout our engagement, it became immediately clear to us that S&W is a true market-leading player in the mid-market segment and holds an unrivalled heritage and reputation from which the business can look to scale new heights. We are excited to partner with Andrew and the entire S&W team in this exciting new chapter as an independent business.”

Evelyn Partners is being advised by Evercore and Macfarlanes. Apax is being advised by Jefferies and Nomura.