Context

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.

Target

Founded in 1881 as Smith & Williamson, the target is a top-ten UK accountancy and professional services firm. It operates with approximately 1,600 employees and over 121 partners across 15 offices. The firm specializes in the mid-market segment, providing a comprehensive suite of services including business and private client tax advice, assurance, forensic services, restructuring, and transaction advisory. Since its 2020 merger into the Evelyn Partners group, the division has achieved 14% annual organic revenue growth and completed seven bolt-on acquisitions since early 2023.