FUNDRAISING NEWS | November 25, 2024
Evelyn Partners Group, one of the largest wealth managers in the UK with £62.7B in client assets, has agreed to divest its professional services business to funds managed by London-based global private equity firm Apax Partners.
The accounting business, which operates out of 15 offices in the UK, Ireland, and Channel Islands, will be renamed S&W following the sale. Andrew Wilkes, who has led the professional services business at Evelyn Partners, will become CEO of S&W, while Evelyn Partners CFO Andrew Baddeley will take up the CFO role at S&W. Closing of the transaction is expected in the first quarter of 2025, subject to regulatory approval, and after the sale, Evelyn Partners will become a pure-play wealth manager.
Evelyn Partners is a portfolio company of buyout, growth equity, and credit investment manager Permira Funds, which formed the company in 2014 through the merger of Bestinvest and Tilney. The business has grown in subsequent years through a number of additional acquisitions, rebranding as Evelyn Partners in 2022.
Evercore served as financial advisor and Macfarlanes as legal advisor to Evelyn Partners on the transaction. Apax was advised by Jefferies and Nomura.
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