Apax Global Alpha Ltd - closed-ended investment company providing access to the private equity funds of investment adviser Apax Partners LLP - Expects to invest about €28 million in the accountancy and advisory practice of Evelyn Partners on a look-through basis. The company says Apax Funds will buy Evelyn Partners’s accountancy business which will rebrand as S&W, building on the heritage of the Smith & Williamson brand dating back to 1881. The practice is based in London and serves clients across the UK, offering accountancy services such as audit and business outsourcing, and business tax and 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 company says.
Current stock price: 142.43 pence per share, up 0.3% on Wednesday morning in London
12-month change: down 5.2%
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