Private equity investment trust Apax Global Alpha (AGA) will invest approximately €28m in Evelyn Partners’ accountancy and advisory practice “on a look-through basis”, according to a London Stock Exchange announcement published today (27 November 2024).
On Monday (25 November), the Apax XI fund – a global buy-out fund which AGA is a limited partner of – reached an agreement to acquire the business. The purchase, which remains subject to “customary closing conditions”, will see the company subsidiary become a standalone UK accountancy business rebranded as S&W.
See also: Apax Global Alpha to invest £24.4m as part of Veriforce acquisition
According to the announcement, Apax sees 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 firm said.
Apax added it aims to “support the newly-branded S&W on its growth journey”, hoping to “cement 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,” it continued. “There is also a meaningful opportunity to unlock strategic M&A in what is a fragmented market.”
