Evelyn Partners has signed an agreement to divest its Professional Services business to funds advised by Apax.
Post-completion, the business will be rebranded as S&W, continuing the legacy of the Smith & Williamson brand established in 1881.
The deal will create two independent entities: Evelyn Partners, focusing solely on UK wealth management; and S&W, positioned as an accountancy practice.
These two entities will have separate management and capital resources.
Based in London and serving clients across the UK, S&W will operate as the “largest mid-market player in its sector”.
S&W will have approximately 1,600 employees, more than 121 partners and a presence in 15 locations across the UK, the Republic of Ireland and the Channel Islands.
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By GlobalDataThe company offers a comprehensive suite of services including tax advice, assurance, advisory and digital services.
The Apax Funds will partner with S&W’s management to drive further growth and market consolidation.
With the separation, Evelyn Partners chief professional services director Andrew Wilkes will step into the CEO role at S&W.
Evelyn Partners Group CFO Andrew Baddeley will become S&W CFO.
Wilkes said: “The new funding and expertise that Apax brings will help accelerate our growth strategy. As we look ahead to a stand-alone future, the relationship with Evelyn Partners will be an enduring one as we continue to provide a joined-up service for shared clients, as well as identify new opportunities to work together.”
Evercore provided financial advice and Macfarlanes served as legal counsel to Evelyn Partners, with Jefferies and Nomura advising Apax.
Evelyn Partners CEO Paul Geddes said: “Following completion of the transaction, we will focus on extending the position of Evelyn Partners as one of the UK’s largest wealth managers, responsible for £62.7bn [$78.75bn] of client assets, and with a track record of delivering positive net inflows of new assets every quarter since the 2020 merger.”
Subject to regulatory approval, the deal is due for completion in the first quarter of 2025.
