Evelyn Partners completes Professional Services arm sale to Apax

Evelyn Partners Group will today (31 March) complete the sale of its Professional Services business to funds advised by Apax Partners LLP (Apax), following a binding agreement reached on 25 November 2024.  

The transaction will result in two standalone businesses: Evelyn Partners, the UK wealth manager, responsible for £63bn of client assets, and S&W, a UK professional services firm and a leader in the accountancy mid-market. 

With new investment from the Apax Funds, S&W will grow its talent base and further develop its technology offering to be “at the forefront of delivery and continue to strengthen S&W’s offerings to its clients by backing the business to drive value through M&A”.  

The firm has a headcount of roughly 1,800 employees and more than 120 partners, who operate from 15 towns and cities in the UK and the Republic of Ireland.  

Andrew Wilkes, previously chief professional services director of Evelyn Partners, now assumes the role of CEO of S&W, with Andrew Baddeley, former group chief financial officer of Evelyn Partners, becoming CFO at S&W. Scott Kirk will continue as interim chief financial officer at Evelyn Partners.

Paul Geddes, CEO of Evelyn Partners, said: “The completion of this major transaction is a significant milestone as we refocus Evelyn Partners on growing our position as one of the UK’s largest wealth managers. We are incredibly well placed to continue to deliver good client outcomes and take advantage of the significant opportunity ahead with the strength of our expertise in both financial planning and investment management. 

“Importantly, whilst we are now two separate businesses, our shared history, ethos and commitment to our mutual clients leaves me confident in the strength of our relationship going forwards. I would like to take this opportunity to thank all colleagues across both businesses who have been involved in this process and wish the S&W team the very best for the future.” 

Wilkes added: “We are excited to embark on this new chapter through our partnership with Apax Partners. The establishment of S&W as a standalone business marks a pivotal moment, enabling us to accelerate our growth strategy and capitalise on the fast-growing professional services market.  

“Our relationship with Evelyn Partners will be an enduring one as we continue to provide an integrated service for shared clients and identify new opportunities for working together as we expand the range of services we provide.”