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Apax Partners Acquires Evelyn Partners' Professional Services Business

31 March 2025
IFA Magazine
Evelyn Partners Group Limited has finalized the sale of its Professional Services business to funds managed by Apax Partners LLP. This follows a binding agreement made on November 25, 2024. The transaction results in two independent entities: Evelyn Partners, a prominent UK wealth manager overseeing £63 billion in client assets, and S&W, a rapidly growing professional services firm excelling in the accountancy mid-market.

Andrew Wilkes, formerly the Chief Professional Services Director at Evelyn Partners, has been appointed as the CEO of S&W. Meanwhile, Andrew Baddeley, the former Group CFO of Evelyn Partners, will serve as CFO at S&W. Scott Kirk will remain as the Interim CFO at Evelyn Partners.

Both companies are dedicated to maintaining a strong commercial relationship, ensuring continuity in client services, and exploring new growth opportunities together. Paul Geddes, CEO of Evelyn Partners, emphasized that this transaction marks a significant milestone in refocusing the firm on its growth as one of the UK's largest wealth managers. He noted the increasing demand for financial advice and investment management amid changing market conditions.

Geddes expressed confidence in the ongoing relationship between the two businesses, highlighting their shared history and commitment to clients. He thanked all employees involved in the transition and wished the S&W team success in their future endeavors.

Andrew Wilkes, now leading S&W, expressed enthusiasm for the new chapter with Apax Partners. He described the establishment of S&W as a standalone entity as a crucial moment that will allow the firm to accelerate its growth strategy and leverage opportunities in the expanding professional services market.

The transaction was supported by financial and legal advisers, with Evelyn Partners working with Evercore and Macfarlanes, while Apax was advised by Jefferies and Nomura.
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financial services
wealth management
professional services
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