Evelyn Partners sells employee benefits business to Howden
Insurance broker Howden has agreed to acquire the employee benefits consultancy arm of Evelyn Partners.
The insurance intermediary group has agreed to acquire Evelyn Partners Financial Services (EPFS) for an undisclosed amount.
Subject to regulatory approval, the deal is expected to be completed in the first quarter of 2026.
The acquisition is pitched to enhance the scale of Howden’s corporate health and employee benefits offering in the UK and represents an additional step forward in its strategy to invest in expertise for the benefit of clients.
Once the deal is completed in Q1 2026, EPFS’s team of 38 professionals, located in London, Bristol, Glasgow, and Guildford, led by Gareth Sawyer, will transfer across to Howden.
Commenting on the deal, Sawyer said it “provides clarity on our future and will bring exciting opportunities as we become part of a global organisation that has grown to become one of the UK’s largest employee benefits specialists.”
Paul Geddes, CEO, Evelyn Partners, added: “Howden will be a great long-term owner of this business, providing new opportunities for our employee benefits team and continuity of the services they provide to clients.”
While Cheryl Brennan, managing director, UK Howden Employee Benefits, noted: “This acquisition reinforces Howden’s investment in our market-leading, full-service employee benefits proposition, strengthening our ability to deliver fresh thinking and trusted advice for corporates seeking a global employee benefits broker with a client-first approach.”
Evelyn’s year of sales
This move comes after Evelyn Partners’ accounting arm was sold to the British private equity firm Apax last November for £700m. And in July, Evelyn Partners sold its fund solutions business to Thesis Holdings.
Geddes pointed out that the sale of these businesses, along with the employee benefits business, is all part of the firm’s “strategic decision to focus solely on wealth management”.
For Howden, this acquisition follows its March deal, which saw the insurance business acquire professional services consultancy Barnett Waddingham.