Johnston Carmichael supports Portfolio & Pension Management Ltd on sale to Evelyn Partners

Campbell Cummings

Campbell Cummings

Corporate Finance Partner

30 June 2023

The Corporate Finance team at Johnston Carmichael acted as lead adviser to Portfolio & Pension Management Ltd ("PPM Wealth"), the Glasgow based boutique wealth manager, in its sale to Evelyn Partners ("Evelyn"), the award-winning wealth management and professional services group.

PPM Wealth is a well-established, client focused Glasgow based boutique wealth manager that supports its clients with discretionary portfolio management and financial planning services. The move will see a total team of eight move across from PPM Wealth to Evelyn Partners.

Evelyn Partners, which was created from the merger of Tilney and Smith & Williamson in 2020, has deep roots in Scotland with Smith & Williamson having been founded in Glasgow in 1881. It has grown to be one the largest wealth managers in Scotland, with offices in Aberdeen, Edinburgh and Glasgow.

Alan Steven, co-founder and Chairman of PPM Wealth, said:

The support received from the Corporate Finance and Tax teams at Johnston Carmichael during the sale process was the reason we completed a deal that fully matched our expectations. Starting with the initial marketing phase and the consideration of offers, through to the challenging process of due diligence and finally to the purchase agreement, the service was thoroughly professional but delivered in a friendly and approachable manner. Highly recommended for others contemplating a sale of their business.

Campbell Cummings, Corporate Finance Partner at Johnston Carmichael, said:

We were delighted to advise PPM Wealth through the transaction process, and wish Alan Steven and all of the PPM Wealth team all the very best in their next chapter of growth with Evelyn Partners. The wealth management sector is buoyant from an M&A perspective, and we continue to see strong interest and appetite for consolidation across the sector.

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