The world of mergers and acquisitions (M&A) has traditionally been male-dominated, but over the past two decades, more women entrepreneurs have entered the space, making waves with their bold deals and innovative strategies. These women have proven that success in buying and selling businesses is not restricted by gender but defined by expertise, tenacity, and vision.
Breaking the Glass Ceiling in M&A
Women have been slowly but steadily breaking into the M&A field, and many have not just participated—they’ve excelled. According to a 2022 report from PitchBook, the number of women-led M&A deals has increased by over 40% since 2010. While the numbers are still relatively small, their influence is growing, and their contributions are making a significant impact on the business landscape.
For example, Mary Dillon, the former CEO of Ulta Beauty, was instrumental in leading multiple strategic acquisitions that expanded Ulta’s reach and market share. Under her leadership, the company went on to acquire stakes in smaller beauty brands, helping grow Ulta into a beauty powerhouse with a market cap of over $20 billion. Dillon’s approach to acquisitions was not just about gaining market share—it was about investing in brands that would resonate with Ulta’s core demographic and align with its long-term vision.
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Another notable example is Anne Wojcicki, co-founder and CEO of 23andMe. Wojcicki has led the company through multiple rounds of funding and strategic partnerships, including a high-profile merger with a special-purpose acquisition company (SPAC) in 2021 that took 23andMe public. Her entrepreneurial spirit and boldness in navigating M&A deals in a highly regulated industry demonstrate her significant influence in the M&A landscape.
The Unique Challenges Faced by Women in M&A
While these success stories are inspiring, it’s important to recognize that women entrepreneurs face unique challenges in the M&A space. Gender bias, access to capital, and underrepresentation in executive positions often make it more difficult for women to navigate the complex world of buying and selling businesses.
Many women entrepreneurs have turned these challenges into opportunities by creating networks and support systems designed to assist others in navigating the M&A world. One such initiative is The Tory Burch Foundation, which provides female entrepreneurs with access to capital, mentorship, and resources to help them scale their businesses. The foundation has also supported women-led acquisitions, helping them break into industries where M&A opportunities are more limited.
Leading by Example
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Jessica Herrin, founder and CEO of Stella & Dot, is another woman entrepreneur who has successfully leveraged M&A strategies to grow her business. In 2017, Stella & Dot acquired Keep Collective, a customizable jewelry brand, allowing the company to expand its product line and customer base. Herrin’s ability to identify a complementary brand and execute a successful acquisition speaks to her business acumen and strategic foresight.
Similarly, Cheryl Bachelder, former CEO of Popeyes Louisiana Kitchen, played a pivotal role in the company’s acquisition by Restaurant Brands International for $1.8 billion in 2017. Bachelder’s leadership turned Popeyes into a highly sought-after brand by focusing on customer satisfaction, operational efficiency, and strategic growth. The acquisition was one of the largest in the fast-food industry and a testament to Bachelder’s effective leadership and M&A expertise.
Why Women in M&A Matter
The growing influence of women in M&A isn’t just a win for gender equality—it’s a win for businesses. Research has shown that companies with diverse leadership teams are more likely to outperform their peers financially. Women entrepreneurs bring fresh perspectives, innovative ideas, and an ability to connect with diverse markets, making them valuable players in M&A transactions.
Furthermore, women often take a long-term view when it comes to acquisitions, focusing on sustainability, corporate responsibility, and employee well-being. This approach not only builds stronger companies but also fosters trust and loyalty among customers and stakeholders.
Looking Ahead
The future of women in M&A looks promising. As more women entrepreneurs gain access to capital, mentorship, and resources, their presence in the M&A space will only grow. Organizations like Women Presidents’ Organization and 100 Women in Finance are also playing crucial roles in promoting and supporting women in leadership positions, including those involved in M&A.
However, there is still work to be done. Encouraging more women to participate in M&A requires ongoing efforts to address the systemic challenges they face. Companies and financial institutions must continue to focus on fostering diversity, equality, and inclusion in leadership roles, ensuring that women have the opportunities and support they need to succeed.
Conclusion
Women entrepreneurs are carving out a place for themselves in the competitive world of mergers and acquisitions, and their contributions are reshaping industries. Through strategic deals and a commitment to growth, women like Mary Dillon, Anne Wojcicki, Jessica Herrin, and Cheryl Bachelder are proving that they are more than capable of excelling in the M&A world. As more women step into leadership roles and drive M&A transactions, the future of business is set to become more diverse, innovative, and inclusive.
This growing trend highlights the importance of diversity in business and the transformative impact of women entrepreneurs who are not just making deals but leading industries into new frontiers.
Published by: Nelly Chavez
