Apax Partners agreed to acquire the Professional Services business of Evelyn Partners. The transaction resulted from a competitive process where Apax outbid rival Bridgepoint. Upon completion, the business will be rebranded as S&W, returning to its historical roots. The strategic rationale for the carve-out is to allow both entities to operate as standalone businesses with dedicated management teams and specialized capital bases. Apax intends to use S&W as a primary platform to consolidate the fragmented UK accountancy mid-market through an aggressive M&A program. Evelyn Partners and S&W will maintain a strategic relationship to continue serving mutual clients.

SMITH & WILLIAMSON (S&M), which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the average currently observed in the Business Services sector (11.3x).

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