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Private equity firms such as Bain Capital and Swiss-based Partners Group are reportedly tabling bids to snap up accountancy firm Evelyn Partners for £500m ahead of the deadline this week, according to Sky News.
The news comes after The Times reported last month that Apax Partners was also considering a bid for the firm.
Sky News stated that the deal will see the business rebranded and one of the bankers even suggested that the Smith and Williamson name could be revived.
Bankers at Evercore are assisting on the sale of Evelyn Partners. Market sources are expecting the remainder of Evelyn to change hands in the next 12 months.
The group is currently run by former Direct Line Group boss Paul Geddes. According to the group’s recent Q3 results, its assets under management and advice (AuMA) reached a record high of £62.7bn, up 12.8%.
Apax, Bain and Partners Group have declined to comment.
