DSW News – Cat the Changemaker
24th September 2024, 4:22 pm
Catriona Lang, a founding partner of DSW Transaction Services, was recently recognised by the North West corporate finance community with the Changemakers accolade at the Business.Desk.com Rainmakers Awards.
Who’s been your inspiration?
As the youngest of four by ten years, I grew up with five role models in my immediate family. My father set up one of the largest investment management businesses in the North, which he ran until he retired at 80. One of my brothers, Andrew, was inspirational in many ways, driving my love of music and Manchester United and being someone who seems to know and be loved by everyone.
I also grew up thinking that female success was just the norm, with both my mother and sister starting their respective careers in my early childhood.
My mother, Jan, who’s now 81, had a very successful career in sales at one of the largest computer companies in the world after becoming their first-ever female salesperson in the UK in the early 80s. She didn’t once allow being a female in a male-dominated environment to hinder her career, winning countless awards (namely the DEC100) for consistently being one of their top 100 sales performers globally.
My sister, Fiona, who is 13 years older than me, was a rising star in her career when I was young. She’s currently training to row the Atlantic next year as part of a team of four in “The World’s Toughest Row” while battling Graves Disease and running an amazing boutique hotel in the Highlands (The Factor’s House in Cromarty)
Why did you set up DSW Transaction Services?
Sixteen years ago, DSW Corporate Finance, already five years into their journey, reached out to me and Ed Brentnall, where we were both at PwC, to set up a boutique Transaction Services business. We saw the opportunity to disrupt the market and carve out our own path by creating a niche, credible and capable boutique firm – a concept that was pretty much unheard of back then. We could have stayed on the safe career trajectory and been partners at PwC, but the allure of a new challenge was too strong to resist.
Starting up in 2008 was far from ideal; the economic climate was tough, with only one private equity deal in the whole North West in 2009. We spent hours navigating the market, sharing our vision and convincing others of our unique senior-led approach. Earning trust was a long and challenging process. Looking back, it’s impressive that we managed to break into a market dominated by the big names, but it’s been a decision we’ve never regretted.
What was a key moment for the business?
Carrying out our first PE platform transaction for Andy Marsh at Gresham Private Equity, who subsequently founded Beech Tree Private Equity and remains a client to this day. He believed in our concept and trusted us in our early days, which gave DSW Transaction Services the chance to prove it was a viable alternative to the big four/top ten accountancy firms. That was a game changer for the business and propelled us into the mid-market PE space, and we have never looked back!
How have you driven the business growth for DSW Transaction Services?
In the early days, a lot of time was spent in business development meetings, but we have always firmly believed that the quality of our output is the best business development we can do. As an established brand now, our work almost entirely consists of repeat work for existing clients and deals for new clients who have been referred to us through word of mouth.
Our differentiator is the quality and experience of our team. Ed and I each have over 21 years of transaction services experience, and yet still, we are in the details on a day-to-day basis. We have an excellent team that has all come through the ranks and is working directly with us, which has accelerated their learning and development.
What’s the biggest change you’ve seen in corporate finance over the years?
There are more and more women coming through in the industry, and it’s not just about the big four firms anymore. We’ve seen a rise in niche operators, and the North West showcases the hard work of many who have put in the effort to get the region recognised for its deal-making and funding capabilities.
What was your reaction to winning the Changemakers award?
Being nominated was one thing, but winning was totally unexpected. Being recognised by your peers is humbling, and this acknowledgement is a testament to all we have achieved at DSW Transaction Services. It should, really, be a joint award with my co-founder, Ed. Everything I was recognised for equally reflects Ed’s contributions. We have worked side by side for 24 years now.
Do you know who nominated you?
It was Hayley Brightmore-Cox at Safferys. Years ago, we worked on opposite sides of a deal. When she decided to set up her own business, I contacted her to offer advice and support. While we are competitors, I know what a brave move it was for Ed and me, and I wanted to share my experiences. We have kept in touch and support each other to this day. I owe Hayley a big thanks, but she knows being up on stage and accepting the award was way out of my comfort zone!
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