The Boards of Smith & Williamson and Tilney announced today that they have reached agreement to combine their respective businesses. The merged business, which upon completion will be named Tilney Smith & Williamson, will be the UK’s leading integrated wealth management and professional services group, offering an unrivalled breadth of value-added services focusing on private clients, businesses and charities.
The combination of Tilney and Smith & Williamson brings together two of the UK’s longest established and highly successful wealth management and professional services businesses, founded respectively in 1836 and 1881. Both firms have strong reputations for their high standards of professionalism, expertise and personal service.
Smith & Williamson shareholders will receive consideration valued at £625 million(1), to be satisfied through a combination of cash consideration and shares in the enlarged group. Smith & Williamson management shareholders will be rolling the majority of their investment into the equity of the enlarged group. The transaction values the combined business at an enterprise value of approximately £1.8 billion(2). The combined business will have revenues of circa £500 million and EBITDA of £150 million(2). The transaction is expected to complete in early 2020, subject to regulatory approvals.
Smith & Williamson and Tilney operate businesses that are highly complementary in the services they offer, the spectrum of clients they serve and in their geographic presence. The combined firm will be uniquely positioned to support clients with their personal wealth management needs and their business interests.
In addition to its strong investment management expertise, Tilney is a market leader in financial planning and has an award-winning digital investment platform in Bestinvest. Smith & Williamson is one of the most respected investment managers in the UK, offering leading expertise in tax advice and an extensive range of professional services through its status as a top ten UK accountancy firm.