A group of private equity groups is preparing bids for the accounting firm formerly known as Smith & Williamson.
Sky News has learned that Bain Capital and Switzerland-based Partners Group are among the buyout firms considering whether to make initial offers for the Evelyn Partners division before this week’s deadline.
They will join Apax Partners, whose interest was reported by The Times earlier this month.
The deal will lead to a rebranding of the company, with one banker suggesting the Smith & Williamson name could be revived.
It is the UK’s seventh-largest accountancy firm by fee income, and the auction comes amid a deluge of corporate activity in the professional services sector.
A sale of Evelyn’s accounting business would make it a pure-play wealth management firm owned by Permira and Warburg Pincus, two other prominent private equity firms.
Evelyn on Wednesday published a third-quarter trading update showing assets under management and advice rose to a record £62.7bn.
The company is now run by Paul Geddes, former chairman of Direct Line Group.
Market sources expect the remainder of Evelyn to change ownership over the next 12 months.
Apax, Bain and Partners Group declined to comment on Wednesday.
Evercore’s bankers are handling the auction for Evelyn’s accounting arm.
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