Pannone has advised on the sale of Shepherd Private Clients Limited, a North West tax specialist, to PE-backed S&W.
The company, which is based in Cheadle, was sold to S&W for an undisclosed sum. S&W, which is backed by Apax Partners, is one of the fastest-growing professional services firms in the UK and a key player in the accountancy mid-market.
Pannone acted as legal adviser to the shareholders of Shepherd. The Pannone team was led by Corporate Partner, Tom Hall, with support from Catherine Ossai, Bronwyn Williams and Sophie Adshead
S&W has completed several strategic acquisitions since launching as an independent group in March 2025, expanding across the UK, Ireland and continental Europe. The sale also marks a significant milestone for Shepherd Private Clients and its founders. Andrew Shepherd and Rebecca Hunt, the shareholders of Shepherd, will join S&W as partners.
Tom Hall commented: “S&W is a highly acquisitive professional services group that has already snapped up several businesses since its carve-out from Evelyn Partners last year.
“The acquisition of Shepherd Private Clients will further expand its regional footprint and accelerate its growth in the North West. Shepherd Private Clients is a hugely complementary business for S&W, in a move that will allow the Cheadle business to tap into the infrastructure and support that being part of a larger group provides. We’re delighted to have been part of such an important milestone for the business.”
Andrew Shepherd, Managing Director and Founder at Shepherd Private Clients, said: “Rebecca and I are incredibly excited about this next chapter for the business. Over the last eight years, we have built a fantastic team and a highly respected private client offering, advising successful entrepreneurs, business leaders and families across the North West and beyond. Our team of advisers for this transaction were superb, hand-holding us throughout the process from agreeing the deal to seeing it through to legals – in a timely and professional manner.”
This is the second significant deal in the professional services space that Pannone has supported in recent weeks, having also advised niche law firm Centrefield on its equity investment from Palatine.
Advisers on the deal:
Corporate finance advice was provided to the shareholders of Shepherd Private Clients by Jon Ballard and Aldair Vitoriano of Ballard Evans.