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Highlights:
Apax Global Alpha (AGA) commits approximately €28m in Evelyn Partners' accountancy and advisory practice.
The Apax XI fund has agreed to acquire the business, which will be rebranded as S&W.
Apax views the mid-market accountancy and advisory sector as an ideal area for growth, particularly given the challenges faced by the Big Four.
Private equity investment trust Apax Global Alpha (LSE:APAX) has announced a strategic move to allocate approximately €28 million to Evelyn Partners' accountancy and advisory practice. The investment will be made on a “look-through basis” through the Apax XI fund, a global buyout fund in which AGA is a limited partner. This comes after the Apax XI fund reached an agreement on November 25, 2024, to acquire Evelyn Partners’ accountancy business, which will be rebranded as S&W.
The deal remains subject to customary closing conditions and will result in the business becoming a standalone UK accountancy firm. Apax has expressed confidence that the mid-market accountancy and advisory space is well-positioned for growth, especially as the Big Four face increasing regulatory pressures and conflicts, making them less competitive in servicing the mid-market segment.
Apax believes that S&W is an ideal platform within the UK accountancy sector, noting its strong brand heritage, reputation for high-quality service, and a deep talent pool. The firm also highlighted S&W’s proven track record of growth, which aligns with Apax’s broader strategy of backing businesses with the potential for continued development.
The move underscores Apax Global Alpha’s focus on expanding its portfolio in sectors where emerging opportunities are available, particularly in markets where regulatory pressures are reshaping the competitive landscape. The rebranding of the acquired business to S&W is expected to position it as a distinct and robust player in the UK’s mid-market accountancy sector.
