M&A careers don’t always follow a straight line. Bethany Winsby, M&A Senior Consultant at Deloitte, has taken a unique path to get to where she is today.
Starting her career through a degree apprenticeship, Bethany built a strong foundation in finance before pivoting into the fast-paced world of M&A.
In this conversation, she shares her journey into the sector, how she founded an M&A initiative to support newcomers, and her insights on the evolving European M&A landscape.
Q: Could you tell us a bit about your background and how you got into M&A?
My path was somewhat unconventional. At 18, I decided I wanted to learn skills that were directly applicable to a career, so I chose a degree apprenticeship rather than a traditional university course.
I completed my degree while working full-time for a wealth management and pensions firm. It wasn’t M&A, but it did immerse me in the world of finance and gave me a solid foundational knowledge of financial markets and client needs. As I progressed, I developed a good understanding of the complex world of pensions, as well as valuable experience in managing client relationships.
While I enjoyed the role, I was increasingly drawn to the strategic aspects of transactions. So, I joined the M&A tax team at Deloitte, where the environment is fast-paced and deal-driven, which suits me. A year ago, I had the opportunity to help lead on the search for mid-market M&A. This role combines my experience in finance and tax with my passion for dealmaking. It’s been a fantastic journey so far.
Q: Were there any pivotal moments that really shaped your understanding of the M&A space?
There were two key moments.
Firstly, I worked on a particularly complex cross-border transaction for the M&A tax team, which involved multiple jurisdictions, intricate tax structuring, and some rather intense negotiations. That helped me understand the intricacies of M&A, the value of working within a diverse team with different skill sets, and the importance of real planning and seamless execution.
The second key moment was when I moved to the Deal Origination team. I became actively involved in identifying opportunities, building relationships with potential clients, and shaping the overall deal strategy. That broadened my understanding of the M&A lifecycle and helped me apply the business development skills I learned earlier in my career.
Q: Can you walk us through your current role and your day-to-day responsibilities?
Presently, my primary role is leading the M&A mid-market origination for the business services sector across the UK and with coverage of Europe. My day-to-day involves tracking a pipeline of opportunities, connecting with PE firms and market connectors to understand their investment objectives, and matching them to potential acquisition targets from the pipeline.
Deloitte offers end-to-end M&A support and part of my role is developing the sector-specific approach promoting internal collaboration across the firm. This in turn supports our PE clients upon the exit of their investments.
Q: Can you explain your approach to identifying new opportunities?
My approach is centered on building genuine long-term relationships with sponsors. This involves understanding client investment strategies, providing tailored insights, and actively engaging via industry events, networking, and direct outreach.
Connecting sponsors with the relevant experts within Deloitte has been particularly effective, as this ensures they get the best insights on potential opportunities, builds trust, and strengthens their relationship with us.
Q: I’d love to hear more about The M&A Forum you founded — what inspired it?
The idea came from my own experience as a newcomer, recognizing the value of networking and mentorship. The M&A world can be complex, so I wanted to create a supportive community where professionals could connect, learn, and grow together.
Over the past two years, I’ve run a series of events on M&A topics, from the technical aspects of leveraged finance and valuation to the crucial soft skills that are often overlooked. Experts from all divisions of Deloitte come in to run sessions, provide practical insights, and create an opportunity for attendees to build genuine relationships.
It’s not just about learning the ropes; it’s about building a network to support you throughout your career. It’s been so rewarding seeing the impact, and I’m definitely planning to continue with that.
Q: Are there any publications you rely on to stay informed and support your work?
I regularly read the Financial Times and The Wall Street Journal, along with various market reports and research papers. Within the industry, there are numerous research tools available, and Deloitte also provides proprietary software for internal research.
Q: Has your work on The M&A Forum uncovered any unexpected insights about the industry?
I was amazed by the overwhelming level of support. Senior internal stakeholders have been really engaged, and we’ve had fantastic feedback from attendees. The success of the London events is particularly encouraging, and we’ve launched a smaller series in Manchester.
For me, it really highlighted the importance of having not just the technical skills but also the crucial soft skills. Networking, communication, and building relationships are really vital to this industry.
You can learn the technical side on the job, but the M&A Forum provides a safe and supportive environment to develop soft skills early on in your career.
Q: Is there any advice you would give to somebody trying to break into the M&A world?
The first thing would be to network as much as possible. Building genuine connections is super important. Attend events and conferences, reach out to people that you know, and nurture those relationships. It’s all about building a really good rapport.
The second thing, and something I’ve always practiced, is never to stop learning and developing new skills. You need a strong foundation in financial modeling, valuation, and technical skills, but it’s just as important to stay on top of market trends by reading industry news and sharing interesting insights as you build your network.
And thirdly, because breaking into M&A is challenging, don’t give up! Stay proactive and keep learning; there are always opportunities out there for people willing to put in the work.
Q: How do you see the current market uncertainties affecting M&A?
Uncertainty in the global market has had an impact this year on M&A activity.
Although we’ve seen a more cautious approach from some investors, with increased scrutiny on valuations and deal terms, the team expects that there will be a flurry of M&A activity in the second half of the year. So far this year, the uncertainty in the market has created some opportunity – strategic buyers and well-capitalized investors have been actively pursuing deals.
This year, liquidity remains tight and continuation vehicles will be a key release valve for future exits. The market’s focus on continuation funds and secondaries reflects ongoing challenges in traditional exit routes, for instance, with IPOs.
There is also a significant interest in Europe and the Asia-Pacific as PE firms seek to expand their geographical footprint beyond North America and acquire assets in emerging markets.
The current environment requires a more nuanced and adaptable approach to M&A, with a greater emphasis on due diligence, careful risk assessment, and a continued focus on value creation.
Q: Are there any particular trends you see shaping mid-market M&A in the UK and Europe?
Tech is still a major driver, and there’s significant interest in software, fintech, and the tech-enabled business space. Increasingly, there is a focus on AI’s transformative potential, as both PE firms and strategic acquirers look to leverage AI to enhance their portfolio companies or integrate it themselves. This ranges from automating processes and improving decision-making to developing new products and service lines. It’s definitely a top priority for investors.
ESG considerations are also becoming more important, influencing investment decisions and deal valuations. Cross-border activity remains healthy despite complex geopolitical factors, and the availability of private capital continues to be strong. This is likely to support ongoing deal flow, especially within the mid-market.
