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 see premium valuations for tariff-resistant businesses as PE firms compete for a reduced number of investment opportunities. While a market recovery is unlikely in the remainder of 2025, Karen remains optimistic about 2026, anticipating that stalled processes will resume as clarity improves and the need to deploy existing capital drives activity.

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Episode 137 - Midmarket Deal Flow: Down but Definitely Not Out

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 Andrew and his team, who remain focused on supporting the midmarket. Tighter due diligence and careful analyses of cross-border exposures are now standard, but lenders are still competing for good deals. Andrew notes that consolidation opportunities are particularly attractive in Canada’s vast lower midmarket.

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Episode 138 - Canada’s Midmarket: Managing Through the Trade War

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 entrepreneurship. Hadley is industry-agnostic, targeting traditional searches in the $1-5 million EBITDA range and favouring businesses with strong governance structures. Canada’s unique search fund ecosystem is expanding, particularly in the self-funded segment. Hadley sees vast opportunities in Canada and River anticipates continued growth of self-funded searchers, regardless of tariffs and other economic concerns.

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Episode 139 - Hadley Family Capital: A Family Office that Supports Searchers

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. Seller rollovers, in which a retiring owner requires an experienced hands-on advisor to ensure smooth succession, are among the best opportunities for leveraging Strive’s skill set. As Avneet explains, the independent sponsor model is rapidly gaining acceptance in Canada and its flexibility should ensure its continued growth over the coming years.

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Episode 140 - Advantages of the Independent Sponsor Model: The Strive Equity Story

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 schedules, among others. At the same time, cyber issues are becoming normalized and “de-dramatized”, with purchasers assessing the materiality of any cybersecurity weaknesses and dealing with cyber risk through price adjustments or indemnities. Cyber insurance is now well established and a must for most businesses. Trends in cyber risk management are also discussed, including a growing tendency to resist and even strike back against cyber-ransom demands.

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Episode 141 - Cybersecurity in M&A: Transactional Trends and Insights

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 managing operations directly and eventually bought the company outright. In a wide-ranging discussion of the long learning curve that followed, Silber stresses the importance of adjusting to the cultural shift from finance to frontline operations. He also discusses his role as a business investor and what he looks for in entrepreneurs, including resourcefulness, financial sophistication and a willingness to venture outside major urban areas.

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Episode 142 - The Operator Mindset: Reflections on the Road from Bay Street to Business Ownership

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 attracted a broader range of investors. At the same time, innovations such as accelerators have developed and the line between search and PE has sometimes been blurred. Despite these changes, the basic formula for search success – energetic, motivated searchers, plus experienced investors and mentors – continues to apply.

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Episode 143 - 35 Years of Search: The Model Evolves but the Fundamentals Still Apply

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 about 16-20 sectors, followed by an email campaign that eventually led – after some ups and downs – to the acquisition of AT Safety Training, a services business based in Edmonton. David’s transaction was a proprietary deal, the pros and cons of which are the focus of the conversation. In the end, his success depended heavily on relationship-building with the owners, who were heavily invested in the business as their legacy.

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Episode 144 - First-Time Searcher to Full-Time CEO: Anatomy of a Successful Acquisition

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 regularly travel north in search of new opportunities. The rise of AI is also considered: Mike sees AI as augmenting businesses rather than replacing their core services and human capital. Looking ahead, Mike expects a rebound in deal flow as the market adjusts to ongoing economic uncertainty and finally deploys the “dry powder” that built up in H1 2025.

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Episode 145 - Rebounding M&A and the Rise of AI: A U.S. View of North American Midmarket Prospects

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 processes as clients try to get a more complete picture of the exposure of businesses to tariff and inflation-related pressures. He and Mario also discuss the potential impact of AI on diligence before concluding with a few thoughts about where midmarket M&A is headed.

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Episode 146 - Current Trends in Transactional Due Diligence

Stikeman Elliott provides creative Canadian legal services to clients around the world.

In this series of 15-minute podcasts on private equity and midmarket M&A, with a focus on Canada, a wide range of industry participants discuss the deal market trends that they’ve been seeing. The host and originator of the series is Mario Nigro, M&A partner at Stikeman Elliott in Toronto.

Read more about Mario Nigro: https://bit.ly/3IkJsPJ

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Episode 143 - 35 Years of Search: The Model Evolves but the Fundamentals Still Apply

Views from the Market

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