Toby Wall

M&A and Corporate Development professional with a proven track record of executing 12 corporate transactions across the full deal lifecycle. My experience combines foundational bulge-bracket Investment Banking training (J.P. Morgan) with lean, rapid-velocity execution experience within a private equity-backed platform.

Expert in complex financial modelling, cross-functional due diligence management, and preparing IC materials. A specific focus on driving client retention strategies and developing strong, long-term relationships with founders. I am eager to leverage deep M&A execution capability to drive global growth, venture investments, and strategic market entries for my next role where I can lead larger, complex deals while delivering great vendor experience.

M&A Associate - Clifton Asset Management | CBPE Portco - London / Bristol

(2025-06)

• Owned valuation, synergy, and return modelling, across 50+ pipeline opportunities, reallocating capital towards stronger recurring revenue deals meeting platform IRR targets. My modelling incorporated customer cohort analysis, unit economics, and long-term operating models to stress-test platform IRR targets to identify scenarios in which acquisitions fail to pass our strategy guidelines.
• Led 12 platform and bolt-on acquisitions totalling over £1.2bn of assets at 5-7x EBITDA / 3.0 - 5.0x revenue entry, structuring transactions to achieve 2–4x post-synergy EBITDA multiples ensuring multiple arbitrage. This allowed the firm to deliver 1.5 – 3 year payback periods with expected 50%+ IRRs through subscription fee, Platform Migration and cost savings. Added expected exit value to the PE portfolio totals £100m + based on a 10 - 15 x exit multiple.
• Exercised investment judgment by recommending withdrawal from 2 transactions due to underperformance risk against IRR and payback targets, and recommended restructuring earn-out or deferred consideration terms on other acquisitions to protect capital and preserve platform debt facility restriction.
• Developed a 76-point investment scoring framework based upon: Integration Fit, Valuation metrics and Strategic synergies, producing a standardised decision-making approach across 1–4 live deals per month to streamline IC board approval.
• Designed and produced Investment Committee (IC) board packs, including detailed valuation, strategic analysis, integration assessment, enabling board-level sign-off on over £9bn+ in AUM transactions and directly influencing capital allocation decisions.
• Re-engineered Clifton's synergy model to correct migration percentage errors, resulting in 20% increase in valuation accuracy allowing for more effective alignment between the current acquisition pricing and the fund's target IRR for the exit vision.
• Designed clawback mechanics on the SPA for 11 deals to protect invested capital, by valuing all migrating clients based upon their recurring revenue and purchase price multiplier to calculate clawback value on the SPA in the event of departed revenue.
• Produced competitive landscape analysis for MD-level presentation mapping acquisition activity across UK consolidators over the past 12 months, including deal velocity, deal volumes, and available entry multiples to inform platform strategy for next 6 months.
• Collaborated with solicitors to negotiate aspects of SPA mechanics, specifically focusing on the design of bespoke earn-out and clawback frameworks to mitigate downside risk across 12 successful completions this involved implementing multi-stage ratcheted earn-outs with contingent upside triggers to incentivise and retain the seller to deliver our modelled Post Year 2 synergy EBITDA.
• Led end-to end due diligence for 3 transactions in parallel, managing internal departments to maintain aggressive closing timelines ( < 3 months ) and collated findings to board members with actions to deliver for board sign off and debt facility drawdown.
• Designed and created AI agent to automate data collation and Information Memorandum (IM) generation, this synthesised 100+ pages of diligence into a strong repeatable investment thesis with key risks and mitigations from an owner perspective.
• Structured comprehensive three-statement financial models, Discounted Cash Flow (DCF) analyses, and trading/precedent transaction multiples for 15+ FIG mid-cap equities, used these outputs into institutional-grade Stock Pitches and Investment Briefs to defend asset selection before the board.

Analyst - SOBIC - Bath

(2021-10 - 2025-06)

Investment Banking Summer Analyst - J.P Morgan - London

(2023-06 - 2023-08)

FIG Investment Banking. Received Full-Time analyst offer.

• Supported a live sell-side process for a UK based mid market financial services platform
• Managed Virtual Data room for Due Diligence requirements
• Built and updated comparable company and transaction analysis (EV / EBITDA) to support valuation discussions.

BSc - Economics - University of Bath

FinTech Law and Policy - Duke University (2025)