All elements of the private equity cycle excite Thomas Dutton, investment director at WestBridge, as he continues to build his network in the north.
Why did you choose chartered accountancy?
I studied accounting and finance at Lancaster University and, after graduating in 2013, joined KPMG’s audit team in Manchester. I enjoyed being part of a large intake. You could bounce ideas off each other, which kept work and study going at a good pace and added some competitiveness. I am still friends with my cohort, who are in many different roles now – some in corporate finance and others in industry.
A year after I qualified I wanted a different challenge and I felt I would enjoy the negotiating and problem-solving of corporate finance and M&A. Dow Schofield Watts (DSW) appealed, being a regional firm with a national presence and an entrepreneurial culture. I joined in 2017 as a corporate finance executive.
Which DSW transactions stood out?
I worked mainly on lower mid-market transactions. My first deal was the sale of a north-west flooring company to a large US-listed corporate. For a local, founder-led business with £3m EBITDA to have attracted interest from a large US company was a really interesting dynamic. I was involved in analysing the data, preparing sales documentation, and negotiations. It was hands-on for me and I was entrusted to operate with a high degree of independence.
One of my biggest deals was the 2021 sale of Bollington Wilson, an Inflexion-backed insurance business in the north-west. We had previously advised them on a couple of acquisitions and a refinancing. The deal took just two months from being engaged to signing.
I enjoy the lower mid-market, because of the value you can add before moving into the mid-market for exit
Why the move to private equity?
I was promoted to manager at DSW in 2019, associate director in 2021 and director in 2023, but I wanted to move into PE. I like working with management teams, and wanted to continue those relationships beyond the transaction. I had worked with WestBridge before – we’d always had great interactions and I knew most of the team. The culture is really strong, open, and entrepreneurial. The firm invests in the lower mid-market, which is the market I enjoy the most because of the value you can add, before moving into the mid-market for exit. I joined the Manchester office in January 2024 as senior investment manager.
What is your role at WestBridge?
I became investment director in January 2025, a year after joining, and have since then had more responsibility. My role spans origination, execution and portfolio. I lead on origination in the north of England. Execution we do nationally, putting together the best team we possibly can to get a deal over the line. Portfolio-wise, I help Alpine Fire Engineers and Acuity Care Group – and, previously, APEM Group. We look at the attributes of a business rather than the sector it operates in. We look to further professionalise businesses and improve quality of earnings, through initiatives such as entering new territories, improving the sales or HR function, and executing on strategic M&A opportunities.
With Alpine we have done a lot of ESG work, supporting their campaign promoting sustainable fire-suppression system checks. We supported them on the acquisition of DAS Fire in 2024, and also the refinancing of the business, raising more debt for acquisitions.
What have you worked on recently?
Last year, we completed the sale of APEM to Applus+, a PE-backed global testing and inspection business. The transaction was around £335m. We first partnered with APEM, an environmental consultancy, in 2019, when it had £10m of revenue and £2m EBITDA. On exit it was delivering more than £100m of revenue and around £25m EBITDA – at over 11x return multiple for the fund – so it was a really strong performance. My original involvement with APEM was as an adviser to WestBridge while at DSW. Since joining WestBridge, I’ve helped APEM with an acquisition in Australia and a £120m refinancing and reorganisation. A lot has happened in the past two years.
What are your future ambitions?
I’m really keen to continue finding exceptional management teams in the north of England for WestBridge to partner with. We are currently investing from our WestBridge III fund, so continuing the successful deployment of this, alongside preparing for a fund IV raise, is high on the priority list. We’ve also got a lot of strong exits on the horizon. It would, of course, be great to play my part in delivering on those.
