Kristine Chong, associate director at Salonica Group, loves rising to the challenge of investing in minority-led businesses, from the start of a deal to completion.
Why did you train for the ACA?
My father was a chartered accountant and so that is where the inspiration came from. I knew it was a great foundation, so I did an internship at KPMG while studying economics at LSE, and was then offered a role in the audit team after graduating with a first. Taking the ACA exams while working at KPMG was challenging, but there was a real camaraderie in going through it with friends from both university and work. Apart from the technical training, the experience brought me other benefits, such as a great network, as well as trust in my own opinion. Furthermore, those accountancy concepts are hardwired into my mind, which has stood me in good stead.
How did you get into corporate finance?
I spent three years in audit and qualified as an ACA with first-time passes. Many of my peers moved into industry, but I wanted to expand my experience first, so I took up a secondment to transaction services. I gained exposure to various aspects of the M&A lifecycle, acquiring new skills that opened up a wider perspective of corporate finance and deal value creation. The work was intellectually stimulating and I found myself surrounded by inspiring people, which encouraged me to stay at KPMG.
In 2019 I was approached by Othman Shoukat, one of the founders of Salonica, who I had worked with at KPMG. I had been promoted to manager in 2017 and was about to become an associate director at KPMG, so leaving was a big decision. I was keen to look at the broader transactions process and Salonica offered me the opportunity to work in an entrepreneurial and agile environment, where a partner-led approach allowed for deeper client relationships and more impactful value creation across the entire deal journey.
What is your role at Salonica?
I am highly transaction-focused and see each deal through from the first client engagement to completion. I am typically hands-on, managing three or four transactions at any given time. We cover all aspects of corporate finance for clients, from strategy and deal preparation to due diligence, debt advisory, and private placements.
Additionally, I’m involved in our investment arm, Salonica Maroon, which invests in diverse management teams and high-growth companies. My work spans deal origination, due diligence, and providing ongoing portfolio management. We’ve recently launched new funds with broader scope. My preference is to focus on origination, execution and closing, rather than extended portfolio management.
My work spans deal origination, due diligence, and providing ongoing portfolio management
Do any deals stand out for you?
The sale of the market-leading high street dessert chain Creams Café to Pistachio Holdings in December 2020 stands out. I joined Salonica in May 2019 specifically to support this transaction, but the pandemic disrupted the timeline. Despite this, the client remained eager to bring on board a strategic investment group to take the brand through the next phase of growth.
It was my first time seeing a company from the inside, guiding them through their entire deal journey from start to finish. I gained a deep understanding of the level of preparation required to get a company ready for sale, and the experience provided significant insights into working with people from diverse backgrounds and experiences, aligning everyone’s motivations and guiding them towards a shared objective.
Another transaction that stands out is the buy-and-build strategy I’ve been working on with employment services company Get Set UK. This has been a highly hands-on process, and it’s been rewarding to collaborate closely with my client from deal origination to the successful closing of multiple transactions. Over time, we’ve built a strong rapport. I’ve developed a good understanding of its strategy, what it looks for in acquisition targets, and how it operates.
What are your ambitions?
I want to see Salonica continue its expansion. We focus on working closely with businesses to help them unlock growth opportunities by providing expert, tailored advice. The fact that we have long-standing and repeat clients speaks to the trust we’ve built. I’ve supported clients across multiple transactions, including buy-and-build strategies, and it’s incredibly rewarding when they return for continued guidance.
