Apax Companions is main the race to purchase the accountancy arm of Evelyn Companions – a transfer anticipated to revive one of many sector’s best-known names.
Metropolis sources mentioned that Apax had supplied the upper worth, though they cautioned that the scenario may but change.
The victor within the public sale is anticipated to pay greater than £500m for the enterprise, and revive the Smith & Williamson title after the deal completes.
Buyout corporations together with Bain Capital and Swiss-based Companions Group have been among the many buyout corporations eradicated earlier within the course of.
The agency being offered by Evelyn Companions is the seventh-largest UK accountancy observe by charge earnings, with the public sale coming amid a deluge of company exercise within the skilled providers sector.
The sale of Evelyn’s accountancy enterprise would depart it as a pureplay wealth administration firm owned by Permira and Warburg Pincus, two different distinguished non-public fairness corporations.
Evelyn just lately printed a third-quarter buying and selling replace displaying that belongings below administration and recommendation had risen to a report £62.7bn.
The corporate is now run by Paul Geddes, a former boss of Direct Line Group.
Market sources count on the rest of Evelyn to vary palms within the subsequent 12 months.
Apax declined to touch upon Friday.
