Home Estate Planning Evelyn Partners private equity owner plots £1.5bn sale

Evelyn Partners private equity owner plots £1.5bn sale

by
0 comment

The majority owner of Evelyn Partners, private equity firm Permira, is looking to offload its £1.5bn stake in the business.

The wealth management and accountancy firm that manages over £60bn in assets is now on the market, as its owner is seeking advisers to help sell, The Sunday Times reported.

The sale by Permira, which owns about 56 per cent of the business, could even take the form of a break-up, with Evelyn’s accountancy business separated out from the firm, it added.

One of the rare success stories in the UK asset management industry, London-based Evelyn Partners has recorded consistent net inflows every quarter since the merger between Tilney and accountancy firm Smith & Williamson that created the group in September 2020.

The firm recorded £300m in inflows during the first quarter of this year, it said in May, while market movements added £2.4bn to the group’s assets.

Group operating income jumped 9.5 per cent to £178m in the first three months of 2024, with growth across all three arms of its business, mostly in professional services, where operating income grew from £45.2m to £55m over the last year.

Despite the strong performance, the group has seen a wave of senior departures over the last few weeks, with investment director Richard Robson leaving for Rathbones, while director Rory Whitmore became the third from the company to join LGT Wealth Management this month.

Permira bought into the business by purchasing Bestinvest in 2014, which then merged into Tilney, while competitor Warburg Pincus gained a quarter of the ownership by providing capital to finance the 2020 merger.

In February, the firm sought to increase the debt on Evelyn’s books by over £400m, aiming to pay itself and other shareholders dividends.

Evelyn Partners declined to comment.

You may also like

Leave a Comment

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?