Apax Acquires Evelyn Partners' Professional Services Unit
Deal News | Nov 25, 2024 | Apax (Ignore, Duplicate)
Funds advised by Apax Partners LLP have announced an agreement to acquire the professional services business of Evelyn Partners, with the transaction pending regulatory approval. The business will be rebranded as S&W, reflecting its Smith & Williamson heritage, and will become a dominant mid-market player in the UK accountancy sector. S&W, based in London, is noted for its high-quality services, talent retention, and above-market organic growth. As an independent entity, S&W will focus on investing in technology and talent to drive further growth and explore M&A opportunities to consolidate its market position. The CEO of Evelyn Partners, Paul Geddes, sees the divestment as a strategic focus post-merger from 2020 to establish two robust and independent businesses. Andrew Wilkes, the future CEO of S&W, emphasized the recent growth and successful M&A initiatives and expressed excitement about the partnership with Apax. Frank Ehmer, a Partner at Apax, praised S&W’s market leadership and reputation, affirming their prospective support for the company’s expansion plans. Advisory roles for the transaction include Evercore and Macfarlanes for Evelyn Partners, while Jefferies and Nomura advise Apax.
Sectors
- Private Equity
- Professional Services
- Financial Advisory
Geography
- United Kingdom – The target company, S&W, is based in London and serves clients across the UK.
Industry
- Private Equity – Apax Partners is a notable player in the private equity industry, financing the acquisition of S&W.
- Professional Services – The target company, S&W, operates within the professional services industry, specifically offering accountancy services.
- Financial Advisory – The advisory firms involved, such as Evercore and Macfarlanes, Nomura and Jefferies, are part of the financial advisory industry.
Financials
- Not Disclosed – The acquisition price for the professional services business was not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Apax Partners | Acquirer | Company | A private equity firm acquiring the professional services business of Evelyn Partners. |
| Evelyn Partners | Vendor | Company | The company selling its professional services business to Apax Partners. |
| S&W | Target Company | Company | The professional services business being acquired, to be rebranded from Evelyn Partners. |
| Paul Geddes | Chief Executive Officer | Person | CEO of Evelyn Partners, commenting on the strategic divestment. |
| Andrew Wilkes | Chief Executive Officer designate | Person | Future CEO of S&W, expressing excitement about the Apax partnership. |
| Frank Ehmer | Partner | Person | Partner at Apax Partners, involved in the acquisition. |
| Evercore | Financial Advisor | Company | Advising Evelyn Partners on the transaction. |
| Macfarlanes | Legal Advisor | Company | Providing legal advice to Evelyn Partners. |
| Jefferies | Financial Advisor | Company | Advising Apax Partners on the acquisition. |
| Nomura | Financial Advisor | Company | Advising Apax Partners on the acquisition. |