Apax Partners is leading the race to buy the accounting arm of Evelyn Partners, a deal that is expected to revive one of the best-known names in the sector.
Sky News has learned that Apax and Bridgepoint are the final two contenders to buy the company, with the deal expected to be signed as early as this weekend.
Municipal sources indicated that Apax had proposed a higher price, while warning that the situation could still change.
The winner of the auction is expected to pay more than £500 million for the business and revive the Smith & Williamson name once the deal is completed.
Buyout firms including Bain Capital and Switzerland-based Partners Group were among the buyout firms eliminated earlier in the process.
The firm being sold by Evelyn Partners is the seventh largest accountancy firm in the UK by fee income, with the auction taking place against a backdrop of a deluge of business activity in the professional services sector.
Earlier this week, Sky News revealed that Cinven has been the favorite to acquire a majority stake in Grant Thornton UK, with the deal confirmed on Thursday.
The sale of Evelyn’s accounting business would make it a wealth management company purely owned by Permira and Warburg Pincus, two other leading private equity firms.
Evelyn recently released a third quarter trading update showing that assets under management and advice had reached a record £62.7 billion.
The company is now led by Paul Geddes, former boss of Direct Line Group.
Market sources expect the remainder of Evelyn to change hands within the next 12 months.
Apax declined to comment Friday.