Permira and Warburg weigh £2.5bn exit from Evelyn Partners UK

Key Takeaways

Sector: Financial Services & Fintech.
Geography: United Kingdom.

Analysis

Permira and Warburg Pincus are reportedly preparing for a potential sale of Evelyn Partners, one of the UK’s largest wealth managers, in a deal that could value the firm at around £2.5 billion ($3.36 billion). Advisers have been engaged, and a formal sale process may launch later in 2025.

Evelyn Partners was formed through the merger of Tilney and Smith & Williamson and has seen client assets grow from £5 billion to over £63 billion under Permira’s ownership since 2014. Warburg Pincus joined as a co-investor in 2020. The remaining shares are held by current and former employees.

In 2023, Permira moved its interest in Evelyn to a continuation vehicle after shelving plans for an IPO. Since then, Evelyn has sold its professional services arm to Apax Partners and its fund solutions business to Thesis Asset Management, streamlining into a pure-play wealth platform. Evelyn reported £174.3 million in adjusted EBITDA for 2024, an 11.8% increase year-over-year.

The proposed exit comes amid growing private equity interest in European wealth managers. In recent years, deals have included RBC’s acquisition of Brewin Dolphin for £1.6 billion in 2022, and Raymond James’ acquisition of Charles Stanley for £279 million in 2021. Deal flow in the space is rising, with over 110 transactions completed across Europe in the first half of 2025.

Sector specialists note that rising valuations, consolidation pressure, and strong financial performance are attracting bidders from both private equity and strategic financial services firms. In particular, U.S. buyers are eyeing UK firms due to favorable FX conditions and relatively lower valuations in Europe.

If successful, the Evelyn exit would be one of the largest private equity-backed wealth management sales in Europe this year. Potential buyers include UK and international banks, as well as global buyout firms targeting long-term growth in the UK’s fragmented wealth advisory market.