AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Investment Commitment: Apax Global Alpha (AGA) to invest €28 million in Evelyn Partners’ accountancy business through its stake in the Apax XI Fund.
- New Brand Launch: Evelyn Partners’ accountancy practice to rebrand as S&W, leveraging the legacy of the Smith & Williamson brand.
- Growth Focus: Plans include enhancing client offerings, adopting new strategies, and pursuing strategic M&A opportunities.
Apax Global Alpha Limited (LSE:AGA) has announced its intention to invest approximately €28 million in the accountancy and advisory practice of Evelyn Partners, through its partnership with the Apax XI Fund. The move aligns with Apax’s strategy to capitalize on the growing potential of the mid-market accountancy sector.
Details of the Transaction
On 25 November 2024, the Apax XI Fund, where AGA serves as a limited partner, confirmed a definitive agreement to acquire Evelyn Partners’ accountancy business. The practice will be rebranded as S&W, drawing on the rich heritage of Smith & Williamson, which dates back to 1881.
The transaction, still subject to customary closing conditions, will establish S&W as a standalone leader in the UK mid-market accountancy space.
Strengthening the Mid-Market Segment
Evelyn Partners’ accountancy business, headquartered in London, offers a wide array of services, including:
- Audit and Business Outsourcing
- Business Tax and Private Client Tax
- Advisory Services
Apax identified mid-market accountancy as a promising investment area due to rising regulatory pressures and conflicts that reduce the competitiveness of the Big Four in this segment. S&W stood out as an attractive platform due to its strong brand, service quality, and proven growth record.
Investment Strategy
Apax plans to support S&W’s growth by:
- Enhancing client services with innovative go-to-market strategies and cross-selling initiatives.
- Investing in technology to improve operational efficiency and client experience.
- Exploring opportunities for strategic mergers and acquisitions (M&A) in the fragmented mid-market sector.
