Evelyn Partners Group Limited has announced the sale of its Professional Services division to funds advised by private equity firm Apax Partners LLP. The transaction, subject to regulatory approval, is expected to close in early 2025. Once finalised, the Professional Services business will rebrand as S&W, honouring the legacy of Smith & Williamson, which was established in 1881.
The separation will result in two independent entities: Evelyn Partners, a leading UK wealth management firm, and S&W, a top-ten UK accountancy and advisory firm. Both will operate with distinct management teams and dedicated capital structures, allowing each to pursue growth strategies aligned with their sectors.
Evelyn Partners, one of the UK’s leading integrated wealth management and professional services groups, was created following the merger of Tilney and Smith & Williamson in 2020.
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A new era for S&W
S&W will boost approximately 1,600 employees, more than 121 partners, and 15 offices across the UK, Republic of Ireland, and the Channel Islands. Its service portfolio spans business and private client tax advice, assurance, business services, and advisory solutions, including restructuring, forensic services, and transaction support.
The Apax Funds intend to build on S&W’s strong foundations by supporting strategic acquisitions in a fragmented market and exploring innovative service offerings.
‘S&W is a market-leading player in the mid-market accountancy space with unrivaled heritage,’ said Frank Ehmer, Partner at Apax. ‘We’re excited to partner with the team in this new chapter.’
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Accelerating growth and expertise
Evelyn Partners has seen significant expansion since its merger with Smith & Williamson in 2020, with its Professional Services division achieving 14 per cent annual organic growth and completing seven acquisitions since 2023. Andrew Wilkes, Evelyn Partners’ Chief Professional Services Director, will become CEO of S&W, supported by Andrew Baddeley as CFO.
‘We’ve built a business that attracts top talent and delivers exceptional growth,’ said Wilkes. ‘This partnership with Apax will help us accelerate our strategy while maintaining a close relationship with Evelyn Partners to serve mutual clients seamlessly.’
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Evelyn Partners to focus on wealth management
Post-transaction, Evelyn Partners will focus exclusively on wealth management, overseeing £62.7 billion in assets as of September 2024. CEO Paul Geddes, a Spear’s Power List honouree, said the split is an opportunity to sharpen the focus on growing its wealth management business amid increasing demand for expert financial advice.
‘Our dual expertise in financial planning and investment management positions us uniquely to meet client needs,’ Geddes said. ‘This transaction creates value for our investors while ensuring continuity for clients across both businesses.’
