Permira, the private equity backers behind Evelyn Partners, is considering selling their stake in the accountancy part of the business, which used to trade as Smith & Williamson
Evelyn Partners declined to comment on Permira’s plan to sell off the accountancy part of the wider business – effectively the old Smith & Williamson, although it appears that only the professional services part of the business will be affected. Permira will retain the asset management arm.
The private equity giant’s decision to offload the accountancy arm of the business was first reported in the Sunday Times this weekend.
A mega deal with a single private equity firm could create a challenger firm to the dominant Big Four firms, with the potential of combining Grant Thornton, now looking for private equity money, and the old Smith & Williamson part of Evelyn Partners, creating a firm with combined revenues of £1.1bn, overtaking the current fifth largest firm, BDO with revenues of £935bn.
