LONDON: Apax Global Alpha Limited (AGA), the closed-ended investment company providing access to the Apax Private Equity Funds, today announced that it expects to invest approximately €28m in the accountancy and advisory practice of Evelyn Partners on a look-through basis.
On 25 November 2024, the Apax XI Fund (“Apax XI”), in which AGA is a limited partner, announced that it had reached a definitive agreement to acquire Evelyn Partners’ accountancy business.
The transaction will create a leading standalone UK mid-market accountancy business which, upon completion, will be rebranded S&W, building on the heritage of the Smith & Williamson brand which dates back to 1881. The transaction remains subject to customary closing conditions.
Evelyn Partners’ accountancy and advisory practice, which is based in London and serves clients across the UK, offers a range of accountancy services including audit and business outsourcing, business tax, private client tax, and advisory.
Apax has identified the mid-market accountancy and advisory space as the ideal place to invest as increased regulation and conflicts make the Big Four less competitive in servicing the mid-market. Within this market, Apax viewed S&W as the ideal UK platform to back because of its brand heritage, high quality service offering, deep talent pool and it has demonstrated a track record of growth.
The investment thesis is to support the newly branded S&W on its growth journey, cementing its place as a leader in the mid-market space. There is an opportunity to improve its already strong client offering through new go to market strategies, cross-selling and further investment in technology. There is also a meaningful opportunity to unlock strategic M&A in what is a fragmented market.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax as well as a focused portfolio of mostly debt investments. In June 2022, AGA made a commitment of c. $700m to Apax XI.
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