The transaction, involving a sale to funds advised by Apax Partners, creates two standalone businesses: Evelyn Partners, a UK wealth manager, and S&W, a professional services firm and mid-market accountancy body.

Evelyn Partners has agreed to sell its professional services business to funds advised by Apax Partners.

The transaction, which is subject to regulatory approval, is expected to complete in the first quarter of 2025, Evelyn Partners said in a statement yesterday. When the deal is wrapped up, the acquired organisation will be rebranded as S&W, building on the heritage of Smith & Williamson which was founded in 1881. (A number of firms, including Smith & Williamson, are part of the entity now known as Evelyn Partners, a brand that was adopted in 2022.)

The transaction – the financial terms of which were not disclosed – will result in two standalone businesses: Evelyn Partners, a UK wealth manager, and S&W, a professional services firm and mid-market accountancy. 

Following the separation, the firms will have their own dedicated management teams and capital bases, with the strategy and funding for each fully focused on their respective growth plans. 

On completion, S&W will rank as a top-10 UK accountancy business with about 1,600 employees and more than 121 partners operating from 15 offices across the UK, the Republic of Ireland and the Channel Islands.

Evelyn Partners’ own professional services business has added 32 new partners, and chalked up 14 per cent per annum organic revenue growth since the 2020 merger of Tilney and Smith & Williamson. It has also expanded via mergers and acquisitions, completing seven transactions since the start of 2023.

As part of the separation from Evelyn Partners, Andrew Wilkes, chief professional services director of Evelyn Partners, will become CEO of S&W and Andrew Baddeley, group chief financial officer of Evelyn Partners, will be CFO of the S&W business

Now a substantial UK wealth manager, Evelyn Partners’ story dates back to when funds of private equity house Permira bought the Bestinvest IFA firm and combined it with Tilney in 2014. The group acquired Towry Group in 2016 and merged with Smith & Williamson in 2020, which was supported by funds advised by Warburg Pincus, another private equity firm. As of 30 September, Evelyn Partners’ AuM stood at £62.7 billion ($78.8 billion).

Evercore financially advised Evelyn Partners on the deal; Macfarlanes acted as legal advisor. Apax was advised on the matter by Jeffries and Nomura.