British private equity firm Apax has beaten off competition from rival buyout firm Bridgepoint to acquire the accounting arm of Evelyn Partners, in a deal valued at around £700m, according to a report by CityWire.
The division includes the business formerly known as Smith & Williamson, which Evelyn Partners integrated following its acquisition in 2020.
The sale paves the way for Evelyn Partners to focus solely on its wealth management business. The firm, which is majority-owned by private equity group Permira, is one of the UK’s largest wealth managers, overseeing £63bn in assets under management.
Evelyn Partners will now transition into a pure-play wealth manager, shedding its accounting and professional services operations.
While Bridgepoint also pursued the acquisition, it ultimately made a lower bid than Apax, according to the reports. Representatives for Apax, Evelyn Partners, and Bridgepoint have not yet commented on the deal.
The acquisition reflects a growing private equity focus on professional services and wealth management sectors, with Grant Thornton, the UK’s sixth-largest audit firm, last week agreeing to sell a majority stake to private equity firm Cinven.
