Views From the Market
Stikeman Elliott, a Canadian law firm, presents a series of short podcasts on private equity and midmarket M&A, with a focus on the Canadian deal market. Host Mario Nigro, an M&A partner at the firm's Toronto office, talks with industry participants about current trends they are seeing in transactions. Each episode runs about 15 minutes and offers insight into the state of dealmaking and legal considerations relevant to Canadian business.
Episodes
Seller Preparation & Other Keys to Success | Thomas Bevilacqua & Robert Bezede
What could better preparation mean for your exit value?
Robert Bezede and Thomas Bevilacqua join Mario Nigro to share how their firm, Harmony Succession Partners, prepares sellers for successful exits in Canada’s increasingly sophisticated lower midmarket deal space.
In this episode:
• Why Harmony focuses on sell-side advisory for lower midmarket businesses
• Why businesses with enterprise valu
The Future of Tech M&A: AI, Data, and Deal Dynamics | Mario Di Pietro
How is AI changing the way technology companies are bought and sold?
Mario Di Pietro, Co-founder and Managing Director of Origin Merchant Partners, joins Mario Nigro to discuss how AI is impacting Canadian tech M&A.
In this episode:
• How AI is influencing the valuation of technology companies
• Why buyers, sellers, investors, and advisors are reevaluating long-term growth prospects
• The contin
Episode 164 - Making Midmarket Leaders: A CEO Coach’s Playbook
Justin Joffe of Legate Partners joins us to share insights from his journey as an entrepreneur turned CEO coach, and what he believes makes a successful CEO. The discussion focuses on the challenges facing first-time business leaders, who must be able to balance big-picture thinking with detailed analysis, depending on the situation. While there is no one formula for success, Justin emphasizes the
Episode 163 - Tech M&A and AI’s Impact: Insights from a Top Tech Advisor
Anish Singla of Tequity Advisors, a sell-side tech M&A boutique focused on $20m-100m transactions, joins Mario Nigro for an insightful look at the state of tech M&A. After record activity in 2025, buyer concerns about AI disruption vulnerability are impacting certain tech sub-sectors, notably lightly-embedded point solution SaaS businesses. Anish notes that AI has moved rapidly to the forefront of
Episode 162 - Steady Volume, Slower Pace: Canada’s Midmarket in Changing Times
Tyler Lang of HDL Capital, a Toronto-based M&A advisory firm, joins Mario Nigro to discuss the latest trends in lower midmarket deals. One notable shift is the lengthening of typical deal timelines to 4-6 months post-LOI, up from 2-4 months just a few years ago, driven by increased lender caution and reliance on quality of earnings reports. He also highlights a trend of sellers holding unrealistic
Episode 161 - The M&A Club: Connecting Canada’s Dealmakers
Ugo Dionne, President of M&A Club Canada, joins Mario Nigro to discuss his organization’s role in Canada’s M&A ecosystem. He explains how the Club, with 20 chapters across Canada, brings together M&A service providers for monthly meetings at which they can share deal opportunities, discuss trends, and build trust-based networks. Recent “hot topics” at M&A Club sessions include the challenge of get
Episode 160 - Incorruptible: Eric Ries Discusses His Latest Book
In this episode, Eric Ries joins Mario Nigro to discuss his latest book, Incorruptible. The book’s thesis is that the business world’s focus on shareholder primacy and profit extraction is inconsistent with the interests of the businesses themselves. Because purpose-driven companies outperform extractive companies, buyers should diligence intangibles such as ethos, pricing restraint and employee l
Episode 159 - Valuation and Due Diligence in an Age of Uncertainty
Joining Mario Nigro for this episode is Mackenzie Regent, co-founder of Kalos, a boutique transaction advisory firm providing financial due diligence and valuation for midmarket deals across North America. They discuss how global uncertainty is affecting midmarket deals, where resources for diligence deep-dives are often limited. According to Mackenzie, recent systemic shocks are interrupting deal
Episode 158 - Private Equity with a Hard Hat: Investing in Canada’s Trades-Based Businesses
Jeffrey McCain of Woodward Capital joins Mario Nigro to discuss his firm’s evolution from traditional self-funded search into a broader investing platform participating across the capital stack (including LP positions in institutional funds and equity-gap situations). Jeff describes Woodward’s focus on trades-based businesses. HVAC, in particular, is attractive in light of the industry’s inherent
Episode 157 - Canadian PE Markets: 2026 Deal Trends
George Sabbouh of Stifel Financial joins Mario Nigro for an enlightening discussion on the state of the deal market in Canada. After an uneven “K-shaped” recovery in 2025, George is seeing strong momentum in certain sectors – metals and mining, business services, infrastructure services, and waste management – amid continuing buyer hesitancy in tariff-exposed sectors such as manufacturing. Broader
Episode 156 - Disciplined M&A: A Growth Strategy for a Family-Owned Business
Ezio Bondi of Bondi Produce & Specialty Foods joins Mario Nigro to discuss the M&A-driven growth of his Ontario-based food distribution business. Ezio highlights the roles that operational discipline, early adoption of technology, and a clear integration playbook have played in Bondi’s success. In a fragmented produce-distribution market, Bondi’s M&A strategy leverages its roots as a small family-
Episode 155 - Fund Structures in Canada’s Midmarket: What’s New and What’s Coming
Jeffrey Elliott, a partner in Stikeman Elliott’s funds and securities regulatory practice, joins Mario Nigro to discuss the evolution of private equity fund structures in Canada. While the classic single-fund structure and traditional “2 and 20” model are still intact, sponsors are increasingly using more complex arrangements, including co-investment vehicles, GP-led secondaries, open-ended or lon
Episode 154 - Canada’s Venture and Growth Equity Evolution: Rising to Today’s Challenges
Join Mario Nigro and Senia Rapisarda, Managing Director of HarbourVest Canada, for a discussion of Canada’s changing venture, growth and private equity landscape. Senia and HarbourVest have become a significant presence in the Canadian market, with $1.2 billion in investments focused on the technology, climate tech and life sciences sectors. Key challenges for Canada’s entrepreneurs, in Senia’s vi
Episode 153 - Patience, Purpose and the Personal Touch: Lessons from the Founders of GoodCapital
In this episode, Mario Nigro speaks with Adrian Bartha and Quinten Griffiths, founding partners of GoodCapital, about their approach to midmarket private equity. GoodCapital was built on a high involvement, hands on model that influences everything from deal selection to post acquisition engagement and is informed by Quinten and Adrian’s own experiences as business owners and acquirers. While not
Episode 152 - CollectiveXP: Investing Capital and Tech Expertise in Canada’s Midmarket
David Au-Yeung and Victor Wong join Mario Nigro to discuss CollectiveXP, which provides investment and advisory services in Canada’s lower midmarket. After exiting Flipp, a VC-backed tech startup that achieved revenues over $100 million, David and Victor decided to use their skills, connections and capital to work with other investors. CollectiveXP’s philosophy centres on relationship building, ea
Episode 151 - Partnership-Driven Private Equity: Inside Clairvest’s Minority Investment Model
Sebastien Dhonte joins Mario Nigro to discuss Clairvest’s approach to mid-market M&A. Based in Toronto but very active on both sides of the Canada-U.S. border, Clairvest has decades of experience with its distinctive partnership-driven investment model. Their approach prioritizes alignment of interests, with existing management teams maintaining effective operational control. While Clairvest often
Episode 150 - Trends in Midmarket M&A Cybersecurity Diligence
In the 150th episode of Views from the Market, Ira Goldstein joins Mario Nigro to discuss the evolving role of cybersecurity in midmarket M&A. As he explains, cybersecurity diligence has become a key part of deal-making, driven by the ever-increasing value of data in many business sectors. He stresses the value of hands-on technical assessments – rather than check-the-box exercises – for many orga
Episode 149 - BDC’s Thrive ETA Fund: Driving Success for Canada’s Women Entrepreneurs
This episode of "Views from the Market" features Sévrine Labelle, Managing Director of BDC’s Thrive Lab and Thrive Entrepreneurship Through Acquisition Fund, which focus on women entrepreneurs. As Sévrine notes, only 4% of investment in Canada supports women-founded businesses. The conversation centres on the newly launched $50 million Thrive ETA Fund, which helps women become entrepreneurs throug
Episode 148 - Preserving Wealth Post-Exit: Using Institutional Models for Global Diversification
In this episode, Mario Nigro speaks with Andrew Sarna and Vanessa Hui of Forthlane Partners, an independent wealth management firm. Forthlane offers sophisticated institutional investment strategies to its clientele of high-net-worth individuals, family offices, and foundations. Vanessa and Andrew discuss how the firm diversifies client investments through private equity, hedge funds, and defensiv
Episode 147 - Foreign Interest in Canada’s Midmarket: A Global M&A Advisory Firm Perspective
In this episode, host Mario Nigro talks with Oaklins Canada partner Jonathan Sherman. As a worldwide M&A advisory firm, Oaklins is able to expose Canadian midmarket businesses to a global marketplace of potential buyers and sellers, in addition to assisting with purely domestic transactions. The discussion focuses on the effect of tariff-related uncertainty on potential foreign acquirors. Jonathan
Episode 146 - Current Trends in Transactional Due Diligence
Scott Foster, Canadian Practice Leader of the Global Transaction Advisory Group at Alvarez & Marsal, joins Mario Nigro to discuss transaction diligence in the Canadian midmarket. A&M’s integrated Canadian diligence offering has grown in recent years to encompass financial, commercial, operations IT, and tax services. As Scott notes, the current economic climate is extending many diligence processe
Episode 145 - Rebounding M&A and the Rise of AI: A U.S. View of North American Midmarket Prospects
In this episode, we welcome Mike Alberts of Boston-based Cohere Capital. Cohere focuses on founder-owned businesses in the $2-15 million (U.S.) EBITDA range, primarily in the tech-enabled services, software and business services sectors. The firm’s preference is to partner with existing leadership. As Mike notes, he and Cohere have had many positive experiences in the Canadian deal space and regul
Episode 144 - First-Time Searcher to Full-Time CEO: Anatomy of a Successful Acquisition
In this podcast, Mario Nigro is joined by David To, President and CEO of AT Safety Training. Always an entrepreneur at heart, David followed up a career in the apparel sector by forming his own private investment firm, Lnkd Capital, with the express purpose of acquiring and operating a midmarket business. David shares his “search” story, beginning with an information-gathering phase that covered a
Episode 143 - 35 Years of Search: The Model Evolves but the Fundamentals Still Apply
In this podcast, Sandro Mina of Boston-based Relay Investments joins Mario Nigro to discuss search-fund trends. First exposed to search as a Stanford student in the early 1990s, Sandro co-founded Relay in 2013. In the past 12 years, Relay has backed over 250 search funds in the U.S., Canada and beyond. As Sandro notes, search has moved into the mainstream as the proven success of the model has att
Episode 142 - The Operator Mindset: Reflections on the Road from Bay Street to Business Ownership
Eric Silber of Riverdale Poultry joins Mario Nigro for this edition of the podcast. After leaving a career on Bay Street over a decade ago, Eric and business partner Prasanna Ranganathan decided to become independent sponsors by investing in Riverdale, a leading poultry transportation business in southern Ontario. While not initially planning a hands-on role for themselves, they soon began managin
Episode 141 - Cybersecurity in M&A: Transactional Trends and Insights
Stringent data protection laws and the sheer volume of digitized information in the possession of most businesses have increased cybersecurity’s importance in transactional due diligence. As Danielle Miller Olofsson explains in this episode, buyers are typically looking for a strong culture of cyber risk management in the form of privacy policies, incident response plans, and data retention schedu
Episode 140 - Advantages of the Independent Sponsor Model: The Strive Equity Story
In this episode, Avneet Multani discusses Strive Equity Partners, a PE firm focused on investing as an independent sponsor in founder-owned industrial, healthcare and tech-enabled services businesses, typically in the $3-10m EBITDA range. Avneet founded Toronto-based Strive after working in the U.S. market and finding that lower midmarket deals were the best fit for his entrepreneurial work ethic.
Episode 139 - Hadley Family Capital: A Family Office that Supports Searchers
River Ewing of Hadley Family Capital is Mario Nigro’s guest in this episode. Hadley has evolved from a manufacturing business into a diversified “family office” investor that focuses on supporting searchers in Canada and the United States. River highlights the unique advantages family offices bring to the search fund ecosystem, including flexibility and a deep understanding of small-enterprise ent
Episode 138 - Canada’s Midmarket: Managing Through the Trade War
As tariff threats loomed in early 2025, export-dependent Canadian midmarket businesses worried about what would happen next. In this podcast, Mario Nigro speaks with Andrew Gowan of National Bank about what he’s seeing in midmarket M&A as the new reality sinks in. Many of his entrepreneurial clients – even those that rely on the export market – are working through the situation with the help of An
Episode 137 - Midmarket Deal Flow: Down but Definitely Not Out
In this podcast, Karen Fisman of PwC joins Mario Nigro to discuss recent midmarket M&A trends – specifically the significant decline in deal flow caused by the trade wars. Karen explains that the deals that are proceeding tend to involve smaller, tariff-resistant services businesses selling to buyers that are highly familiar with the businesses’ market niches. Karen believes that we may start to s
Episode 136 - M&A in an Era of Uncertainty: A U.S. Expert Assesses the Impact of Tariffs
Professor Marc Busch of Georgetown University joins Mario Nigro for a discussion on the impact of tariffs on M&A. Professor Busch explains how current U.S. trade policy is affecting global commercial dynamics. While some moderation may be expected as “deals” are negotiated, sectoral tariffs may become a permanent fixture of U.S. trade policy. From a Canadian perspective, companies are adapting to
Episode 135 - Midmarket M&A and Market Uncertainty: Thoughts from a Top Canadian Dealmaker
Andrew Walton of Ironbridge Equity Partners joins Mario Nigro to discuss the current state of midmarket private equity and M&A in Canada. Ironbridge’s substantial portfolio includes industrial, manufacturing, and distribution businesses across most regions of Canada. Unsurprisingly, the discussion focuses on the ongoing impact of tariff-induced market uncertainty. Even transactions that are procee
Episode 134 - The Growing Midmarket Presence of Representation and Warranty Insurance
Representation and warranty insurance (“RWI”), a growing presence in Canadian M&A transactions, is the subject of Mario Nigro’s conversation with Rishi Dhir of Willis Towers Watson’s Transactional Insurance Solutions group. Rishi discusses the increased adoption of RWI in the Canadian midmarket, noting that it is now commonly used in transactions with enterprise values as low as $5 million. He exp
Episode 133 - State of the Québec Midmarket: Adjusting to Changing Economic Times
Joining Mario Nigro for this episode is Wandrille Lefèvre of EC2, a Québec-based consulting firm that provides specialized M&A and corporate finance advice to midmarket companies. According to Wandrille, the Québec market, like other Canadian markets, is driven by factors like baby boomer retirements and a need for technology investment. The range of buyers in the province includes a similar mix o
Episode 132 - Contract CFOs: A Perfect Fit for Many Midmarket Businesses
In this podcast, David Ritchie shares the story of CFO Hive, which provides businesses with contract CFOs on a fractional, full-time, or project basis, leveraging a network of experienced CFOs to offer expertise that matches client needs. Contract CFOs can add value in four ways: (i) help growing companies professionalize their finance functions, (ii) stabilize distressed businesses, (iii) assist
Episode 131 - TIMIA Capital: An Alternative Lender to Early-Stage Tech Companies
Michael Wallace of TIMIA Capital joins Mario Nigro for an enlightening discussion of TIMIA's role as a lender to early-stage companies in the technology and software space. For many smaller businesses, firms like TIMIA are valuable sources of non-dilutive capital that can otherwise be difficult to find in the Canadian market. Michael and Mario discuss TIMIA's growth and prospects, with special att
Episode 130 - Family Offices: A Growing Presence in the Canadian Investment Landscape
In this episode, Mario Nigro welcomes Tom McCullough, Chairman and CEO of Northwood Family Office, which he co-founded in 2003. Tom discusses the evolution of family offices, emphasizing their vital role as “general contractors” providing integrated management of all aspects of clients’ financial affairs, including the important part they play in preparing next generation leaders. He also highligh
Episode 129 - Rebel Vac Systems: An Alberta Search Success Story
In this episode, Mario Nigro interviews Curtis Colbary, President and CEO of Rebel Vac Systems. Curtis discusses his background in accounting and financial due diligence, and how it led him to the search fund space and eventually, through a tip from a friend, to Alberta-based Rebel Vac, a manufacturer of hydro excavation and industrial vacuum trucks. He describes the challenge of successful search
Episode 128 - Doing Well by Doing Good: A Searcher Finds Fulfillment in the Social Services Sector
In this podcast, Lisa Hooey, CEO of Community Resources and Support Services (CRSS), shares her transition from a career in banking and operations to the very different world of search fund entrepreneurship. The desire to make a meaningful impact led Lisa to establish Freda Capital and eventually acquire CRSS, a company providing residential and support services for people with intellectual disabi
Episode 127 -The Tech Sector: Canada’s Comeback Kid of Midmarket M&A?
Sid Nair, senior VP in EY Canada’s corporate finance group, joins Mario Nigro to explore the state of midmarket tech sector M&A in Canada. Sid has developed his EY team into one of the country’s leading advisors to founder-led tech businesses. He and Mario discuss how M&A in the tech space is rebounding from its post-pandemic lull, as buyers focus on quality assets with mission-critical software,
Episode 126 - Tech Savvy: Finding the Winners in a Challenging M&A Market
Our guest, Sumit Aneja of Gulmohar Capital Partners, shares his journey from the New York financial industry to his current home of Montréal, where as a searcher, he acquired Voxco, a software and tech-enabled services business. After successfully growing Voxco’s business, Sumit negotiated a successful exit and, together with several U.S. and Canada based colleagues, founded Gulmohar Capital Partn
Episode 125 - Competition and Foreign Investment Regulation Isn’t Just for the Big Deals Anymore
This episode highlights the growing role of competition and foreign investment law in Canadian midmarket transactions. Special guest Michael Kilby, head of the Competition and Foreign Investment Group at Stikeman Elliott, highlights the increasing regulatory scrutiny of small and medium-sized transactions in the wake of recent amendments to the Competition Act. Scenarios that are attracting regula
Episode 124 - When the Search is Over: What It Takes to Build Your Business
In this episode, Mario Nigro interviews entrepreneur Rob Luck on his transition from engineering to search funds, and particularly Rob’s experience acquiring, operating and eventually exiting Hathorn Corp., a builder and supplier of camera equipment for drain and sewer inspections. Rob provides detailed observations on being a first-time business owner tasked with turning a legacy business into a
Episode 123 - Selling a Third-Generation Family Business: An Owner’s Perspective
This podcast features Tom Stevenson, the former owner of Hub Equipment, a GTA-based heavy equipment rental company. Tom discusses the experience of selling the business, which was founded by his grandfather in 1946. He and host Mario Nigro focus on the importance of finding a strategic partner that shared Hub’s values and offered growth opportunities for key employees, while retaining Hub’s histor
Episode 122 - Smaller Isn’t Simpler: The Special Challenges of Midmarket Transactions
Special guests Nick Rotundo and Claudio Martellacci from Grewal Guyatt LLP join Mario for this edition of the podcast. Claudio and Nick discuss the unique aspects of working with mid-market companies, emphasizing their valuation specialization, one aspect of Grewal’s comprehensive advisory services in this space. They highlight the differences between low/mid-market deals and big Bay Street deals,
Episode 121 - Transforming Business Exits: Canada’s Innovative Employee Ownership Trust Law
In this episode, Mario Nigro and special guest Tiara Letourneau of Rewrite Capital Advisors discuss employee ownership trusts (EOTs) – both their history in the U.S. and U.K. and the work that Tiara and others have put into a successful push for similar, but even more flexible and innovative, legislation in Canada. The new Canadian EOT model allows employees to become owners without financial cont
Episode 120 - The Road Ahead: Transportation, Logistics and Supply Chain M&A in Canada
Mario Nigro interviews Peter Stefanovich, president of Left Lane Associates, which assists transportation, logistics, and supply chain companies with exit and acquisition strategies. Left Lane’s rapid growth shows that, with exceptional industry expertise, a sector-specific Canadian M&A shop can achieve major success. Peter and Mario discuss the volatility of the market through the pandemic period
Episode 119 - Successful Business Exits: How Professional Advisors Help Owner-Operators
Mario’s guest, Jim Friesen of Portage M&A Advisory, discusses his experiences as a sell-side advisor to Canadian owner-operators. Portage focuses on setting realistic seller expectations, preparing the businesses for sale and finding the right buyers in a pool that’s deeper than ever (with private equity, family offices, searchers and high-net-worth individuals in the mix, in addition to strategic
Episode 118 - Bringing Bay Street Expertise to Main Street M&A: A Conversation with Don Hilton
In this podcast, Mario Nigro speaks with Don Hilton, founder of Distinct Capital Partners, an M&A advisory firm catering to owner-operated lower midmarket businesses. With 40 years of experience at every level of corporate finance and M&A, Don has seen the sell-side market shift toward baby boomers looking to sell their businesses outside the family. As he and Mario discuss, the key to Distinct Ca
Episode 117 - Building Entrepreneurship Through Acquisition: How Village Wellth Works
In this podcast, Mario speaks with Liz MacRae about the unique Village Wellth platform, which provides entrepreneurial acquirors – often in the market for the first time – with the preparation, resources, advisory services and contacts they need to find, evaluate and finance business acquisitions. The other side of the Village Wellth coin is the opportunity it gives to sellers to increase their vi
Episode 116 - Righting the Ship: How CROs Work with Distressed Businesses
In this episode, David Planques of Revival Capital Partners discusses the fascinating and important role of chief restructuring officer. Distressed businesses hire CROs to solve the problems that must be overcome before a successful restructuring can proceed. Seasoned CROs like David have the skills and experience to keep stakeholders, employees and suppliers on board as the process unfolds. David
Episode 115 - Is “Now” The Time? What Older Owner-Operators Are Thinking, Post-Pandemic
Mario Nigro’s guest for this podcast is Karl Sigerist, a business advisor focusing on the lower midmarket. Many of Karl’s clients are owner-operators who are thinking about exits. He and Mario discuss the value of engaging an outside advisor and, in particular, the impact that the pandemic has had on the succession strategies of many long-time operators who recognize that new energy may be needed,
Episode 114 - The Rising Tide of Midmarket M&A: A Pacific Coast Perspective
Mario’s guest for this podcast is Jas Dhaliwal, Managing Director at Vancouver-based Lark Street Capital. Jas and Mario discuss current trends in the market, with a focus on Lark Street’s midmarket M&A advisory work. Jas is seeing an uptick in private equity interest, likely in anticipation of rate cuts later in 2024. Baby boomer retirements remain a driving force, as many owners of quality busine
Episode 113 - Venture for Canada: Growing the Next Generation of Entrepreneurs
In this episode, Mario is joined by Scott Stirrett of Venture for Canada, a registered charitable organization that provides training to budding entrepreneurs. Scott and Mario discuss the growing demand for entrepreneurship through acquisition (ETA) training in Canada and the challenges that young entrepreneurs face, notably in accessing debt financing. While Scott is optimistic about the future o
Episode 112 - How Value Creation Services Benefit Midmarket Businesses
In this edition of the podcast, Mario Nigro interviews Richter LLP’s Michael Black and Brett Miller about value creation services that can help midmarket businesses achieve their growth and transaction objectives. As Brett and Michael discuss, value creation can involve enhancing board design, optimizing processes, systems and technology and focusing the customer and product mix. Whether implement
Episode 111 – British Columbia: Land of Midmarket Opportunity
Our guest on this podcast episode is Paul Langley of Capital West Partners, a Vancouver-based midmarket M&A advisory firm. As Paul relates, British Columbia’s diverse economy is dominated by midmarket businesses, accounting for 25% of all midmarket transactions in Canada. While it was somewhat isolated in the past, B.C. is now squarely on the radar of U.S. and eastern Canadian buyers – one reason
Episode 110 – Can Growth Equity Get You from VC to PE?
Mario’s guest for this podcast is Jill Chua, Managing Director at Raymond James Canada. Jill and Mario discuss midmarket M&A, with a focus on growth equity, one of Jill’s specialties. Growth equity is a niche area of investment that targets companies that have outgrown the venture capital stage but are not ready for traditional private equity. Growth equity firms provide capital and partnership to
Ep. 109 – Looking Both Ways: Buy-Side and Sell-Side Reflect on the Dynamics of Their Midmarket Deal
Mario is joined by Brent Timmerman and Jody Law, Co-CEOs of Pacific West Mechanical Limited, and Mike McIsaac, CEO and Managing Director at Baker Tilly Corporate Finance in Vancouver. They discuss how Brent and Jody, as search fund operators, found and acquired Pacific West, a plumbing and HVAC service and maintenance company in Vancouver, with the help of Mike and his team, who acted as the sell-
Episode 108 – Thoughts on the Continuing Strength of the Lower Midmarket
Our guest on this episode is Robert Bezede of Norton McMullen Corporate Finance, specialists in selling Ontario-based private businesses. Robert notes that activity in the lower midmarket is insulated from the current market headwinds because aging owners are highly motivated to sell. In addition, the pool of prospective buyers has grown, with more financial groups, high net worth individuals, sea
Episode 107 – Investigative Due Diligence in M&A: The Latest Trends
Mike Karran of the Mintz Group speaks with Mario Nigro about Mintz’ global due diligence and investigations practice, particularly as it relates to vetting investment targets and their executives. Mike describes what Mintz’ investigations look for and gives examples of how the results can change the risk dynamics of a proposed transaction. As investors become more discerning and data-driven, inves
Episode 106 – From MBA to Search Fund Success: The Emergence of Alpha40 Capital
Today’s guests are founders of Toronto-based Alpha40 Capital, a self-funded search fund that is emerging as a significant force in the lower midmarket. Mohsen Manzari and Ash Buckle discuss how they became interested in entrepreneurship, honed their skills in business school, and developed a successful search fund during and after the pandemic. Anyone interested in the search fund model will be in
Episode 105 – After the Party: Post-purchase Disputes Take Centre Stage
Our guest on today’s podcast is Vimal Kotecha, a senior transactional advisor at Richter LLP with special expertise in business valuations and disputes. In the wake of the deal euphoria of 2021-22, many acquired businesses are not tracking projections, leading to a rising tide of post-purchase price disputes. Join Vimal and Mario for a wide-ranging discussion of what’s triggering these disputes, w
Episode 104 – Canadian Search Fund Activity: A U.S. Perspective
In this episode, Mario Nigro speaks with Andy Love of Dallas-based Aspect Investors. Andy has been involved in the search space for about 25 years. Aspect, which he founded in 2012, has made over 200 investments, including more than 20 here in Canada. He and Mario discuss trends in the industry – both long-term and recent – and look ahead to what Andy sees as a period of continued growth over the
Episode 103 – Staying Power: Alcorn’s Long-term Investment Strategy
Mario’s guest for this podcast is Greg Duggan of Alcorn Partners. Alcorn’s investment strategy is aimed at profitable lower midmarket businesses – often family-owned enterprises – that are ready to take the next step toward professionalized management. Investments are long-term in the truest sense – up to 20 years or more – and portfolio companies can be in any industry in Canada or the U.S. As Gr
Episode 102 – Finding the Opportunities in the Lower Midmarket: The Quadrivium Model
In this episode, Mario speaks with Lars Hamkens and Jamie Pridham of Toronto-based Quadrivium Capital Partners. Quadrivium, an investment firm that works with executives and serial entrepreneurs in lower midmarket acquisitions, currently has a portfolio of 11 successful companies funded by groups of individual investors and generally held for the long term. The typical Quadrivium deal begins with
Episode 101 – Entrepreneurship Through Acquisition: Democratizing the Deal Space
In this podcast, Bakari Akil of Graves Hall Capital shares his experiences in Entrepreneurship Through Acquisition (“ETA”), a type of entrepreneurship that begins with the acquisition of an existing business using primarily third-party capital. While it is beginning to make its mark in Canada, ETA is mainly a U.S. phenomenon, thanks to the extraordinary availability of capital south of the border.
Episode 100 – Flow Capital: An Attractive Alternative for High Growth Companies
In this edition, Mario Nigro speaks with Josh Axler of Flow Capital, a publicly-traded alternative finance firm that works with high-growth businesses in Canada, the U.S. and the U.K. Josh discusses Flow’s investment criteria, which include 25% year-over-year growth and $2.5 million recurring revenue (or $4 million non-recurring) and how it structures its involvement to be minimally dilutive and n
Episode 99 - Together in the Trenches: Patricia & Enrico's Search Fund Journey
In this episode, Patricia Riopel and Enrico Magnani of Montréal-based Magnum Capital Partners share their unique journey through the search fund model, from the challenges of finding a business to acquire to their successful exit from Scribendi, an Ontario company that develops text-editing software. They also discuss their experiences as a married couple navigating this path, Patricia's perspecti
Episode 98 – Western Canada’s Thriving Midmarket: Energy, Insurance and More
Today’s podcast takes us to British Columbia, where Erica McGuinness has built a sell-side advisory practice with one of Western Canada’s leading firms, Sequeira Partners. Mario and Erica discuss Alberta and B.C.’s strong deal market, with emphasis on insurance M&A, where valuations are increasing as PE firms seek out brokerage consolidation possibilities. Other sectors with strong deal flow inclu
Episode 97 – Snowdon Partners: A North American Lower Midmarket Investor with Québec Roots
Today’s guests, Dan Chetrit and Liroy Haddad, are co-founders of Snowdon Partners. Snowdon invests in lower midmarket businesses, both directly and as a search funder. Liroy and Dan are flexible about the level of ownership Snowdon assumes, but their philosophy is to be active, long-term partners to their portfolio companies. While its investments span Canada and the U.S., Montréal-based Snowdon i
Episode 96 - AI and M&A: Can Generative AI Play a Role in Dealmaking?
Mario’s guest is Kalle Kilpi, Founder and CEO of DealMap.Ai, a Boston-based business that tailors large language model (LLM) M&A solutions for active acquirors. LLMs like Chat GPT have potential applications to nearly every aspect of a transaction, from drafting, due diligence and routine correspondence to target discovery and strategic analysis. Please join Mario and Kalle for a fascinating and i
Episode 95 – Who’s Finding Buyers and Who Isn’t
Mario’s guest, Ed Bryant, is the driving force behind Sampford Advisors Inc., a tech-sector sell-side advisor. He and Mario discuss the post-pandemic market, noting that buyers will still pay a good price for quality businesses but are less interested in those that are cash-flow negative. In contrast with 2020-21, growth is no longer enough: the “Rule of 40” is being more strictly applied. Among t
Episode 94 – Patience With A Purpose: The Helia Capital Story
Today’s guest is Sebastien Koechli of Helia Capital, a family office that provides “patient capital” to businesses transitioning out of their entrepreneurial phase. As a purpose-driven investor, Helia looks beyond short-term profit, making minority or majority investments (as appropriate) in businesses with long-term potential and aligned social values. While current market conditions are challeng
Episode 93 – Search, Sale, C-Suite: A Successful Searcher Sells But Doesn’t Exit
In this podcast, Mario speaks with Matthew Hooper, CEO of Hometurf Lawn Care, about his journey from searcher to owner to seller and now CEO of a mid-sized regional home services business. Matthew talks about the search process, about entering a sector that was new to him (in which a strong relationship with the seller was critical) and about his subsequent decision to sell the business and contin
Episode 92 – An Insider’s Guide to the Western Canadian Midmarket
Mario’s guest today is Grant Wallace of Vancouver-based Relay Transition Partners, an advisory firm serving midmarket businesses in western Canada. Grant shares his insights into the British Columbia and Alberta markets, in which deals tend on average to be slightly smaller than is typical in Ontario and Quebec. Investors that are comfortable in the $5-30 million market niche will find many outsta
Episode 91 – HVAC & Plumbing Maintenance: Still a Hot Sector for Acquirors?
Mario’s guests, Brent Timmerman and Jody Law, are co-CEOs of Pacific West Mechanical, a British Columbia company that provides HVAC and plumbing maintenance services to high-rise buildings, including condominium towers. Through their investment business, Gazelle Capital, Jody and Brent acquired Pacific West after a year-long partnered search and are now in their second year of operating the busine
Episode 90 – NADF: A True Innovator in Indigenous Investment
Joining Mario today is Brian Davey, CEO of NADF (Nishnawbe Aski Development Fund), a lender to Indigenous entrepreneurs across Northern Ontario. With over $50 million successfully disbursed to date, NADF is planning to take the next step: creating an investment fund that will leverage its deep understanding of Indigenous communities and their needs. In Brian’s view, infrastructure – particularly r
Episode 89 – Private Debt: How It Works and Why It’s A Growing Presence in Canada
Mario’s guest on this edition of the podcast, Brandon Lalonde of FrontWell Capital Partners, discusses FrontWell’s emergence as a key facilitator of private debt. Equally able to participate alone or in a syndicate, FrontWell lends against assets or cash flow in transition situations where a fundamentally strong business is in a capital-intensive growth phase or re-positioning after an adverse eve
Episode 88 – The Midmarket at Mid-Year: How 2023 Is Shaping Up
Today’s podcast guest is Jordan Fish of Blair Franklin, an M&A advisory practice with 20 years of Canadian midmarket experience. He and Mario discuss the state of the market at the midway mark of 2023, as buyers focus on higher quality assets and take a more cautious approach that is leading to extended due diligence processes. Sectors discussed include financial services, which continues to see s
Episode 87 – Aiming “Low”: A Private Equity Firm Finds Value in Smaller Businesses
Mario Nigro speaks with Matthew Burpee of Kepler Capital, a Canadian firm focused on the lower end of the North American midmarket(typically under $3 million EBITDA/cash flow). Often overlooked by investors, these businesses offer many opportunities, and Matthew shares Kepler’s strategy of long-term collaboration and investment in outstanding enterprises that are “small” only because their market
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