Webber Wentzel’s Sally Hutton: Three decades of shaping South Africa's private equity landscape

For three decades, Sally Hutton, Managing Partner at Webber Wentzel, has been a leading figure in South Africa’s private equity industry, advising on many of the country’s most high-profile M&A transactions. A specialist in private equity deal structuring, Sally has worked extensively with funds on shareholder arrangements, management participation structures, Black Economic Empowerment (BEE) transactions, and complex funding strategies.

Her expertise has earned her accolades from Chambers Global, Legal 500, IFLR1000 and Who’s Who Legal. She was inducted into the 2024 IFLR Women Dealmakers Hall of Fame (Africa) and has received the SAPSA South African Legal Professional Award as well as the coveted SAPSA South African Professional of the Year Award. Additionally, Sally received the Special Recognition Individual Award in the Decade Awards category at the Private Equity Africa Awards last year.

In this excerpt from our 25 Iconic African DealMakers Report, Sally reflects on the evolution of private equity in South Africa, the challenges and opportunities shaping today’s deal-making environment, and what lies ahead for the industry.

What initially drew you to the world of private equity and M&A law? Was there a particular moment or mentor who inspired you?

Like many careers, mine was shaped by a combination of luck and hard work. My lucky break came when I started my career at Webber Wentzel on February 1, 1995. My first rotation as a candidate attorney was with David Lancaster, our erstwhile senior partner, and John Bellew.

At the time, John Bellew was virtually the only private equity practitioner in South Africa, acting for Ethos, which had spun out of FirstCorp Capital, a division of First National Bank. This gave me exposure to South African private equity pioneers like André Roux, who founded Ethos. Being involved in those early private equity deals in the 1990s ignited my passion for the field and allowed me to gradually establish my own practice.

​​Reflecting on your career, what core values or guiding principles have consistently shaped your approach to deal‑making and client service?

Trust and integrity are paramount—I am absolutely unwavering on those. Client centricity is another key principle—truly understanding what matters to your client and tailoring your approach accordingly.

Distinguishing between deal breakers and issues that can be conceded in the spirit of compromise is crucial. As M&A lawyers, our role is to facilitate transactions, not create roadblocks. Lastly, providing independent, honest advice is essential. Sometimes the hardest but most important decision is to walk away from a deal.

You’ve been part of some of South Africa’s most high‑profile private equity transactions. Could you share a particularly challenging deal and the lessons it taught you?

One that stands out is the disposal of Waco to Abraaj. Just days before closing, we were advised that Abraaj would not be able to perform. It was a highly complex and stressful situation.

The experience reinforced a critical lesson: a deal is not done until it’s done. Maintaining focus, discipline, and a structured methodology to complete deals as quickly as possible is key. The longer a deal takes, the greater the risk of something going wrong between signing and closing.

On a more positive note, could you walk us through a career‑defining deal that had a significant impact on South Africa’s private equity industry or on you personally?

One defining moment for me as a young M&A partner was being briefed directly by Ethos, specifically by Shaun Zagnoev, to lead their minority investment in the Kanderlane Group (which housed ATM Solutions) in 2005.

Over the next 17 years, I worked on multiple transactions involving that business, including Ethos’ merger with JMR into Transaction Capital, Ethos’ disposal of its stake post-listing, Actis’ acquisition of PayCorp in 2013, and various exit transactions between 2019 and 2022. Partnering with deal teams, management teams and businesses over their investment journeys has been incredibly rewarding.

Over three decades, what significant trends have you observed in South Africa’s private equity landscape, and how has the legal and regulatory environment evolved?

The biggest change has been the increase in complexity—whether in regulation, tax, or deal-making. For example, the Competition Act only came into effect in 1998, and there was no capital gains tax before 2001.

Back in 2000, M&A lawyers were generalists who handled everything from tax structuring to finance agreements. Today, the complexity demands multidisciplinary teams and collaboration between deep experts to navigate the intricate deal-making environment.

The private equity landscape has also evolved significantly. Where once there were two dominant players, Brait and Ethos, we now have a proliferation of firms. Trends like manager consolidation, secondaries, and continuation vehicles are likely to continue.

Given the evolving landscape, what sectors or trends will define the next wave of deal activity in South Africa?

Capital always flows where it’s needed. Infrastructure, energy, and digital transformation are key areas of focus. For instance, private equity investments in infrastructure and energy have increased from 17% in 2023 to 26% in 2024, according to the SAVCA 2024 survey. 

Funds targeting these sectors, as well as businesses that address government shortcomings or benefit from improving macroeconomic conditions, will drive deal activity in the coming years.

As a woman in a traditionally male dominated field, how has the industry evolved in terms of diversity and inclusion, and what still needs to change?

When I started my career, I was often the only woman in the room. I decided early on to focus on doing the best work I could and let that speak for itself.

While women are still underrepresented in leadership positions, there has been progress. In 2015, I became the first woman appointed to a senior leadership position at a major South African law firm. Since then, we have seen many women taking on similar roles.

However, we still need to actively demonstrate that a career in deal-making can be both rewarding and sustainable. Visibility of senior women in the field is critical to inspire the next generation.

Lastly, what advice would you offer to women aspiring to leadership roles in law and private equity?

My advice is simple: focus on doing your best work and let it speak for itself. Build strong relationships, stay authentic, and trust in your abilities.

While the hours in M&A can be long and unpredictable, teamwork and collaboration can help mitigate those challenges. Women need to see that they can thrive in this field, and senior female leaders must lead by example to inspire others to follow.