American investment firm Bain Capital and Switzerland-private equity company Partners Group are planning to place bids for Evelyn Partners’ accountancy division, reported Sky News.
The buyout firms are looking to place bids of around £500m ($647m) for the Evelyn Partners’ accountancy unit, sources told the publication.
The potential sale of the accountancy arm is part of a strategic shift for Evelyn Partners, which would result in the company focusing solely on wealth management.
A successful deal could also lead to a rebranding of the accountancy business.
According to market sources, the remaining parts of Evelyn Partners may also be sold within the next 12 months.
Bankers from investment banking company Evercore are managing the auction process for the accountancy arm of Evelyn Partners.
In a trading update for the third quarter (Q3) of 2024, Evelyn Partner reported an assets under management and advice of £62.7bn and 11.1% year-on-year increase in operating income.
Evelyn Partner group chief executive Paul Geddes said: “We’re pleased with this positive third quarter performance, with clear growth across each of our three divisions: Financial Services, Professional Services and Fund Solutions.
“This resulted in an 11.1% increase in Group operating income in Q3 compared to the same period last year.”
Recently, Evelyn Partners expanded its Northern private client tax team with the appointment of Vanessa Lee.
With more than 27 years of experience in tax advisory services, Lee will be based in Evelyn’s Leeds office.
Evelyn Partners tax head Tom Shave said: “Vanessa’s appointment comes at a time of significant growth and investment for Evelyn Partners’ professional services business. Our ambitions in the north of England are underpinned by the recent acquisition of Haines Watts offices in Leeds, Manchester and Newcastle.”
