Tilney Smith & Williamson  

Tilney S&W to be sold or listed by PE owners

Tilney S&W to be sold or listed by PE owners

Tilney Smith & Williamson is rumoured to be sold or listed in a deal priced between £2bn and £3bn as its private equity owner Permira seeks to exit.

The private equity groups, Warburg Pincus and Permira, are looking to exit their investment 18 months after a merger, as reported by FTAdviser’s sister publication the Financial Times.

Sources close to the situation told the FT that investment bank Evercore had been appointed to advise on the sale. 

One of the people said a secondary sale to private equity was a possibility, although an initial public offering was also being considered. 

Tilney S&W was bought by PE owner Permira back in November 2013 for an undisclosed sum.

Warburg Pincus entered into the equation in June 2020 when it injected more than £250m in funding to put Tilney’s takeover of Smith & Williamson back on the table.

At the time, Tilney said it would "significantly" reduce external debt for the combined business, lower ongoing financing costs and improve its regulatory capital position. 

The merger of Tilney and Smith & Williamson completed on September 1, 2020, increasing the combined group’s operating income to £306bn for the year. 

Last month, Tilney S&W announced that advice firm FP Solutions would join its Chelmsford office, along with its founder and owner Steve Jupp.

The firm said this was the second deal in its recently launched succession programme designed to provide an alternative to financial advisers approaching retirement.

FTAdviser approached the firms for comment but both Tilney S&W and Warburg Pincus declined to comment.

Permira had not responded back at the time of publication. 

sonia.rach@ft.com

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