Smith & Williamson tables bid for deals unit of investment bank Cavendish

Smith & Williamson (S&W), the backstage equity-backed nonrecreational services firm, has tabled an attack that would effect successful the break-up of the London-listed concern slope Cavendish.

Sky News has learnt that S&W, which itself was portion of Evelyn Partners until earlier this year, made an connection successful caller weeks to get Cavendish's mergers and acquisitions arm.

The worth of the offer, which is said to person been rejected, was unclear connected Tuesday morning.

It was besides unclear whether quality of the attack from S&W mightiness flush retired involvement from different parties successful a imaginable woody with Cavendish.

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Cavendish was formed from the merger of Finncap and Cenkos Securities successful 2023 amid unit connected the City's crowded mid-market concern banking sector.

A dearth of caller institution flotations has squeezed the gross bases of firms operating successful the space, spurring a drawstring of mergers, specified arsenic the 1 which resulted successful the instauration of Panmure Liberum past year.

In 2018, Finncap, the stockbroker, bought Cavendish, a specializer successful advising backstage companies connected merchantability processes, for £14m.

The caller involvement successful acquiring the deals part underlines the much buoyant quality of that broadside of the concern banking business.

Apax Partners, the backstage equity firm, bought a controlling involvement successful Evelyn Partners' nonrecreational services limb for a reported £700m.

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It past rebranded the concern arsenic Smith & Williamson, thereby reviving 1 of the City's astir salient names successful the sector.

A spokesperson for Apax declined to comment, portion Cavendish has been contacted for comment.