Please join us – at your convenience – for a series of podcasts on private equity and midmarket M&A, with a focus on Canada. In these concise 15-minute segments, 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.
| Episode 58: How One Firm's Unique Investment
Strategy Creates Value and Growth for Small
Businesses With Trish Higgins, Co-Founder and Partner, Chenmark |
Mario Nigro's guest in this episode is Trish Higgins, Co-Founder and Partner of Chenmark. Chenmark is a Maine investment firm with a goal of acquiring, growing and holding on to small-to-medium sized businesses. Mario and Trish discuss Chenmark's long-term investment perspective as it looks for steady businesses with a durable demand for their goods or services and a history of profitability that generates cash flows. Despite current uncertainty in the market linked to inflation and the possibility of reduced demand, Trish still sees lots of opportunity out there from a deal perspective. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 57: Private Equity Investments in Midmarket
Infrastructure Businesses With Duncan Ramage, Partner and Head of PE, Forum Asset Management |
Mario's guest in this episode is Duncan Ramage, Head of Private Equity at Toronto-based Forum Asset Management. Duncan oversees a Forum team that invests in smaller and midmarket businesses in the infrastructure space, broadly construed to include everything from HVAC to broadband providers to outdoor billboards. Duncan discusses how Forum assesses and structures investments and how the market is shaping up as inflation and interest rates rise. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 56 – Novacap: A Canadian Private Equity
Leader Since 1981 With Marc Paiement, Senior Partner, Novacap |
Marc Paiement joins Mario Nigro to discuss recent developments at Novacap, one of Canada's largest and oldest PE firms. Working from the firm's Toronto office, Marc leverages his own extensive experience as an entrepreneur in developing growth strategies for Novacap's businesses, which come from a wide range of sectors. Looking ahead, Marc is seeing steady deal flow even as the pandemic-era exuberance dies down. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 55: - Taking Successful Businesses to the Next
Level: A Private Equity Approach that Partners with Committed
Entrepreneurs With Justin Catalano, Managing Director and Group Head of Private Equity, Fengate Asset Management |
In this podcast, Mario Nigro speaks with Justin Catalano, head of the PE group at Fengate Asset Management. Toronto-based Fengate partners with entrepreneurs, bringing capital and strategic expertise to help them grow their established businesses. Justin and Mario discuss Fengate's recent work, the effect that economic uncertainty is having on deal flow, and how the market might look in the coming year. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 54 – Successful Succession: Taking an
HVAC Distribution Business Forward With Cameron Roblin and Philip Desrochers of Stratos Growth Partners |
Joining Mario in this podcast are Philip Desrochers and Cameron Roblin of Stratos Growth Partners, a search fund focused on small and mid-sized Canadian businesses looking for a tailored succession strategy. In addition to the Stratos story, Cameron and Philip discuss their acquisition of GLP Canada Inc., a distributor of HVAC products, and the renewed interest in HVAC that has resulted from the pandemic. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 53 – Life Sciences and Healthcare: Making
M&A Work in a Highly Regulated Environment With Sara Zborovski, Partner at Stikeman Elliott LLP |
Mario's guest for this podcast is Sara Zborovski, a partner at Stikeman Elliott and leader of the firm's life sciences and healthcare regulatory practice. As Sara and Mario discuss, the recent surge in health sector M&A has shown the importance of expert regulatory guidance relating to everything from telemedicine and medical AI technology to the compliance aspects of roll-up acquisitions of professional practices. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 52: What's New in Midmarket M&A Tax
Planning? With Stephen Rupnarain, Partner and M&A Tax Services Leader, RSM Canada |
Mario's guest in this episode is Stephen Rupnarain, leader of RSM Canada's M&A Tax Services practice. Recent changes to Canadian tax laws have focused buyer and seller attention on transactional tax issues, notably depreciation. Despite the elimination of some traditional tax planning mechanisms, Stephen finds that it is still possible to achieve results that work for both sides – especially where sellers think through their tax issues well before the LOI. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 51 – Canada's Midmarket and U.S.
Private Equity: A Growing Partnership With Stephanie Mooney, Director of Business Development for Canada and the US Pacific Northwest, Trivest Partners |
In this episode, Mario Nigro is joined by Stephanie Mooney of Trivest Partners, a Florida-based PE firm that focuses on family and founder-owned businesses. Trivest, which has been active in the Canadian midmarket for many years, has recently added funds that focus on smaller businesses and minority growth equity. Despite indications of an economic slowdown, Stephanie is continuing to see strong interest in M&A across the country. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 50: A Different Path: How Search Funds Helped A
Canadian Newcomer Find The Right Business Fit With Piyush Kunnapallil, CEO of Ti Foods |
Mario Nigro is joined by Piyush Kunnapallil, CEO of Ti Foods, a GTA-based importer and distributor of Asian food brands. After developing his management skills at a multinational electronics firm, Piyush relocated to Canada where he found search funds were ready to help him achieve his goal of leading a midmarket business. He and Mario discuss the process that led to the transaction with Ti Foods, as well as Piyush's plans for the business going forward. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 49 – After COVID: What's Next for
Industrial and Manufacturing Midmarket M&A? With Sylvia Rasic, Partner and Senior Managing Director, M&A Group, Deloitte Canada |
Joining Mario Nigro for this podcast is Sylvia Rasic, Partner in Deloitte's M&A Group in Toronto. Sylvia is a CPA with a broad transactional practice that often focuses on private companies in the manufacturing and industrial sectors. Expectations and valuations in areas such as logistics, packaging and building products have been strongly affected by COVID-19 and, as the economy slows, uncertainty about post-pandemic pricing is creating interesting challenges for successful deal completion. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 48 – Selling the Business You've
Built: A SAAS Entrepreneur Shares His Experiences With Peyman Aleagha, Founder & CEO of WebsiteBox |
Today's guest on the podcast is Peyman Aleagha, Founder & CEO of WebsiteBox. WebsiteBox developed and sold a popular and affordable website builder and CRM platform for real estate professionals. Mario and Peyman discuss the company's history, from idea to success, and the key ingredients of a successful sale process: confidence, careful preparation, a clear vision and a trusted team of advisors. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 47 - Midmarket Private Debt as a Supplement to
Bank Financing With Jason Sellakumar, Director, First West Capital |
Joining Mario Nigro for this podcast is Jason Sellakumar of First West Capital, a junior capital provider with 20 portfolio companies at present. Mario and Jason discuss First West's experiences as a cash lender to businesses in need of capital beyond what is available from bank lenders and look at how market uncertainty could generate new demand for this type of financing. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 46 – The Current Landscape in Midmarket
Corporate Finance: From Banks to Alternative Lenders With Shilpa Mishra, Managing Director and Leader of the Capital Advisory team at BDO Canada |
Shilpa Mishra, Managing Director and Leader of the Capital Advisory team at BDO Canada, joins Mario Nigro to discuss recent financing trends in the Canadian midmarket. During the pandemic period, banks and alternative lenders, particularly U.S.-based PE funds, have shown an increasing willingness to look at midmarket deals. Mario and Shilpa discuss whether, in anticipation of further rate increases, now may be the best time for midmarket businesses to take advantage of available opportunities. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 45 – Searching For Success: A Decade of
Growth for Search Funds With Trevor Lwin and Bruce Moszcelt, Operating Partners at Blue Frame Capital Partners |
Mario Nigro's guests in this podcast are Trevor Lwin and Bruce Moszcelt, Operating Partners of Blue Frame Capital Partners. In 2011, Trevor and Bruce were among the first in Canada to enter the search space, acquiring a business that they successfully operated for 5 years. Recently, they joined with two traditional investors to create Blue Frame, which provides financing and advice to searchers across the North American market. As they discuss, the flexibility of the search model makes it a particularly strong solution for midmarket businesses in succession scenarios. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 44: Transaction Diligence in an Era of
Uncertainty With Michelle Alphonso, Partner in the National Transaction Advisory Services Group and Private Equity Leader at Grant Thornton LLP |
In this episode, Mario Nigro speaks with Michelle Alphonso of Grant Thornton LLP about her recent experiences conducting financial diligence in midmarket M&A transactions. While opining on "sustainable EBITDA" can be a challenge in these uncertain times, Michelle and her team are able to identify and evaluate the variables that make up a company's risk profile. Data analytics are playing an increasing role in this work – a development that has been accelerated during the pandemic. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 43 – Economic Sanctions Laws: A Growing
Issue for Canadian Businesses With Shawn Neylan, Partner in the Corporate Group of Stikeman Elliott LLP |
Mario's guest on this edition of the podcast is Shawn Neylan, a partner at Stikeman Elliott and a specialist in foreign investment issues of all types. In recent years, and particularly since the Russian invasion of Ukraine in February 2022, compliance with economic sanctions legislation has been a growing regulatory issue for many Canadian businesses. Today, even small and medium-sized businesses are developing internal policies and education programs and, as Shawn notes, such efforts often require attention to not only Canadian sanctions regulations but U.S. and other foreign requirements as well. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 42: Finding Financing for Canadian Midmarket
Companies With Leon Raubenheimer, Managing Partner and Founder, Zed Financial Partners |
Mario Nigro's guest on this podcast is Leon Raubenheimer, founder of Toronto-based Zed Financial Partners, which for 20 years has specialized in connecting Canadian businesses with debt and equity financing. Leon provides insight into the factors that make a financing deal work, which include targeting the right financiers and presenting the deal clearly. While an economic recession is possible, he expects that the deal market will continue to benefit from a strong supply of uncommitted capital. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 41 – The Tech Sector Deal Space: Where To
From Here? With Daniel Lee, Managing Director, Investment Banking – Technology & Innovation Sectors, CIBC Capital Markets |
Daniel Lee of CIBC Capital Markets joins Mario to discuss the state of the midmarket tech sector after two years of pandemic-driven growth. Despite some softening in valuations, Daniel detects positive signs: investment capital "dry powder" is at historically high levels and the economy's structural shift toward digital transformation will likely sustain a healthy investment climate. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 40: Bringing Innovation to Consumer Legal
Services With Lena Koke, CEO and Co-Founder, Axess Law |
Mario's guest in this podcast is Lena Koke, the driving force behind Axess Law, a provider of consumer-friendly legal services focused on residential real estate, as well as will drafting and probate. Lena's understanding of the retail sector has helped shape Axess as it continues to push the boundaries of virtual service provision in a historically conservative industry – a process accelerated by the growing acceptance of "legal tech" during the pandemic. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 39: ESG's Growing Presence in Smaller
Private Companies With Ramandeep K. Grewal, Partner, Stikeman Elliott LLP |
In this episode, Mario welcomes Ramandeep Grewal, Partner and Member of the Corporate Group at Stikeman Elliott in Toronto. Well-known for her securities law expertise, Raman is a leading advisor in the growing field of ESG. As she and Mario discuss in this podcast, it is partly because of the increasing recognition of the link between strong ESG performance and sound overall management that ESG practices are beginning to take hold in smaller non-public companies, a trend that she believes will continue. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 38 – Food System Sustainability: An
Innovative Investment Focus With Ben Gibbons, Founder and Managing Partner, Waterpoint Lane |
Mario Nigro is joined by Ben Gibbons, founder of Waterpoint Lane, an investment firm that contributes growth capital to a diverse group of businesses that each promote food system sustainability. Ben and his firm partner with investors who want their investments to achieve solid economic returns and positive social impacts. Ben and Mario discuss the promising future of this sector in an environmentally and health conscious age. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 37 – Trends in Representation and
Warranty Insurance: A Canadian Perspective With Daniel Howard, Managing Director, M&A and Transaction Solutions, Aon |
In this installment, Mario Nigro is joined by Daniel Howard of Aon in Toronto. Daniel leads Aon's transaction solutions team, with a focus on representation and warranty insurance. RWI has become a fixture of the Canadian deal market and is now becoming commonplace even for deals in the $20-$50 million range. As Daniel notes, in many transactions RWI is entirely taking the place of seller indemnities other than for fraud. Canada is quickly catching up to the U.S., where the use of RWI is nearly universal. | Spotify |Apple Podcasts (iTunes) | SoundCloud |
| Episode 36 – Brainpower Enrichment: Connecting a
Passion for Education with a Passion for Entrepreneurship With Vanessa Iarocci, CEO of Brainpower Enrichment Programs Ltd. |
In this edition of the podcast, Mario Nigro speaks with Vanessa Iarocci about her transition from the M&A group of a large bank to an entrepreneurial career as CEO and business owner. Vanessa discusses how her passion for education led her, through a search fund process, to Brainpower Enrichment Programs, a growing company that provides supplementary educational experiences for high-achieving students. Among many other things, the conversation touches on some of the obstacles and opportunities for women entrepreneurs in Canada. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 35: From Idea to Success Story in the Food
Sector With Asim Qureshi and Karim Kanji, Co-Founders of OneWorld Foods Inc. |
Mario's guests today are Asim Qureshi and Karim Kanji. Their company, OneWorld Foods Inc., has risen in just a few short years from an idea to a supermarket success story by meeting growing market demand for high-quality prepared South Asian and halal foods (under the "Tandoori Oven" and "One World" brands). In the podcast, Karim and Asim discuss the challenges they have overcome, the decision to seek outside financing, and their plans for the post-pandemic future. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 34: The Association for Corporate Growth With Mike Fenton, President and CEO of ACG Toronto |
In this episode, Mario Nigro is joined by Mike Fenton, President and CEO of the Toronto chapter of the Association for Corporate Growth. Celebrating its 50th anniversary in 2022, ACG Toronto, along with the organization's other Canadian chapters, plays both a thought leadership role and a practical role as a preeminent forum for midmarket deal networking in this country. Mike speaks with Mario about the ACG's history, its evolution during the pandemic and its plans for the future. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 33: A Midsize Creative Agency Grows Through
Global M&A With Derek Rider, CEO and Corey Peck, COO of Media One Group |
In this podcast, Mario Nigro speaks to the co-founders of Media One Group, Corey Peck and Derek Rider. While still a relatively young creative agency, Media One boasts an impressive roster of major corporate clients. Over the past few years, Corey and Derek have built on their success by turning to acquisitions, including cross-border M&A, to expand Media One's capabilities and global reach. This bold strategy is playing a critical role in the transformation of their Toronto-based business into a worldwide brand. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 32: The Value of Valuation Services to Business
Owners With Federica Nazzani, Managing Partner, Capital Assist (Valuation) Inc. |
Mario's guest in this episode is Federica Nazzani, Managing Partner of Capital Assist (Valuation) Inc. Federica, who is both a CPA and a chartered business valuator, advises businesses on valuation issues arising in potential sale and acquisition scenarios as well as at other points in the business cycle. She and Mario discuss the importance of professional advisors as sounding boards for business owners, particularly in times of uncertainty. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 31: A U.S. Private Equity Fund's Canadian
Story With Michael Teplitsky, Partner at Wynnchurch Capital |
Michael Teplitsky of Chicago-based Wynnchurch Capital joins Mario Nigro to discuss the private equity firm's long history of investments in Canada, which extends into its current (fifth) fund. According to Michael, Wynnchurch focuses mainly on industrial and consumer products sectors and has the ability to make both smaller and more substantial investments. He is optimistic that the strong M&A market will continue in 2022 on both sides of the border. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 30: Finding Growth Opportunities in Smaller
Traditional Businesses With Jean-Lou Paquet, Partner at BDG & Partners, Montréal, QC |
Joining Mario Nigro for this episode of the podcast is Jean-Lou Paquet, Partner at private equity firm BDG & Partners. Founded in 2015, BDG invests mainly in the lower midmarket. While it is "sector agnostic", BDG tends to focus on well-established traditional industrial businesses that may not recently have focused on growth opportunities. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 29: The "Old Economy" is New
Again With Jennifer Chasson, President of Springbank Capital |
Jennifer Chasson, President of Springbank Capital, joins Mario Nigro to discuss her M&A experiences in the lower midmarket space over the past two years. Jennifer's clients, mainly "old economy" businesses, have attracted unprecedented attention during the pandemic, often selling at high multiples as a wider range of investors see the value in stable businesses with tangible assets. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 28 – Search Funds: Secrets of a New
Fund's Success With Elling Dahlen and Garrett Clyne, Partners and Co-Founders of Cassiar Partners |
In this podcast, Mario is joined by Garrett Clyne and Elling Dahlen, who founded private equity firm Cassiar Partners in 2020. Cassiar focuses on developing new growth strategies for small and medium-sized Canadian companies in traditional industries. Leveraging the experience of Cassiar's diverse investor base has been one key to its early success. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 27 – Search Funds: The Next
Frontier With Rob LeBlanc, Co-Founder and Managing Partner, Ambit Partners |
Joining Mario Nigro for this podcast is Rob LeBlanc, Managing Partner of Ambit Partners, a search fund investor with a worldwide focus that most notably includes emerging markets in Latin America, Africa and Asia. Rob notes that the pandemic has accelerated "baby boomer" business exits, creating many opportunities for searchers in almost every corner of the world. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 26: Healthcare M&A During and After the
Pandemic With Cathy Steiner, Principal at Origin Merchant Partners, Toronto, Ont. |
To help us understand the business impacts of COVID-19 on the healthcare industry, Mario Nigro spoke to Cathy Steiner, Principal at Origin Merchant Partners and leader of their healthcare practice. Interest in healthcare businesses has soared during the pandemic as investors search out innovators in areas like virtual and telemedicine. As Cathy notes, the technological innovation that COVID-19 has necessitated is likely to change the sector for the long term. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 25: Buying In Rather Than Buying Out: A
Partnership Model of Private Equity With Charlie Gifford, Senior Partner at New Heritage Capital, Boston, Mass. |
Joining Mario Nigro for this podcast is Charlie Gifford, Senior Partner at New Heritage Capital, which he co-founded in 2006. New Heritage focuses on founder-owned midmarket enterprises, including Canadian companies, partnering with them on a non-control basis. This "leveraged buy-in" approach focuses on growth-minded businesses looking for well-resourced and experienced support to reach their potential. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 24 – Pandemic M&A: Where We've
Been and What 2022 May Bring With Chris Hutchinson, Partner at EY specializing in private client transaction advisory services |
Our guest for this episode is Chris Hutchinson, Partner in EY's M&A advisory practice. During the pandemic, high valuations and owner fatigue have created the busiest transactional climate in many years. The strong consumer products sector that Chris is seeing is driven by major changes in online buying behaviour that are likely to endure. Even so, supply chain and interest rate issues could affect the market in 2022. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 23: M&A Trends in the Food & Beverage
Sector With Paul Hamam, Partner and Senior Managing Director, Corporate Finance, Deloitte Canada |
Joining us for this podcast is Paul Hamam, a partner at Deloitte Canada and leader of its consumer industry corporate finance practice. Food and beverage businesses, heavily affected by the pandemic, have been a focus of recent M&A activity. As Paul notes, valuation uncertainty in the food sector, where the "new normal" for post-COVID consumer dining habits is still unclear, creates interesting transactional challenges for deal teams. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 22 - From Small Business to National Brand: A
CEO's Reflections With Robin Kovitz, President and CEO of Baskits Inc. |
Robin Kovitz joins Mario Nigro to discuss her experience as CEO of Baskits Inc., the Canadian gift-basket business that she acquired in 2014. With a background in private equity, Robin has guided Baskits Inc. from its origins as a small catalogue-based retailer to a multichannel business with a growing emphasis on digital. This success, as she notes, has been predicated on focusing on people – employees and customers alike – and trusting that growth and profit will follow. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 21: What is Driving Today's High Valuations
and Can It Continue? With Dr. Howard Johnson, Canadian Market Leader at Duff & Phelps |
Mario's guest is Howard Johnson, Canadian Market Leader at Duff & Phelps and managing director in its M&A Advisory practice. A veteran of the Canadian midmarket and a valuation expert, Howard believes that today's high valuations and (often) double-digit multiples are likely to persist since many public companies and PE firms are cash-rich and eager to invest. Tax reform and the uncertainty of pandemic-era earnings analysis may emerge as complicating factors, however. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 20: What Does A Tech-focused U.S. Private
Equity Firm See In Canada? With Doyl Burkett, Managing Partner, Integrity Growth Partners |
Doyl Burkett, Managing Partner of Los Angeles-based Integrity Growth Partners, joins Mario Nigro to discuss PE investments in the software and tech-enabled business services space. Integrity typically invests $10-40m in founder-owned-and-operated businesses, often taking non-controlling positions. Doyl's strategic focus on "underserved geographies" has generated many opportunities across Canada. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 19: Scaling Canada's Smaller Successful
Companies: A New Solution to an Old Challenge With George Rossolatos, CEO of Canadian Business Growth Fund |
Joining Mario Nigro is George Rossolatos, CEO of Toronto-based Canadian Business Growth Fund (CBGF), a private equity investor that takes minority stakes in Canadian companies, typically those in the $10-25m revenue range, working with them to promote long-term growth. CBGF was created in 2018, with George as Founding CEO, in response to concerns that Canada needs to get better at growing its successful startups into strong midmarket players. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 18: Exiting Ownership But Not Leadership:
Staying On As CEO Post-Sale With Jeffrey D. Carubba, CEO of Arzon Limited, Burlington, Ontario |
This episode features Jeffrey Carubba, CEO and former co-owner of Arzon, a light manufacturing business. In 2019, after many successful years, Jeff and his partner decided to enter a sale process. After pandemic-related delays, a deal was done with Jeff remaining as CEO of the reinvigorated business. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 17 – The Life of a CEO in a Small to
Medium Sized Business: A View From the Trenches With Steve Divitkos, Entrepreneur and Former CEO of Microdea Inc. |
Mario Nigro's guest Steve Divitkos is a CEO who successfully transformed and sold a midmarket IT business. Steve's current project is his "In The Trenches" blog and podcast, which focuses on real-life challenges facing leaders of small and medium-sized businesses. He shares some of his ideas on CEO success along with his views about the current state of the market. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 16 – The Factors Shaping Midmarket
M&A in Canada: A Banker's Perspective With Robert Hickey, Managing Director and Head of Mid Market M&A at RBC |
In this edition of the podcast, Robert Hickey of RBC discusses the dynamics of pandemic-era midmarket M&A. While Canada's long-term private equity growth has continued, producing an abundance of available capital and attractive valuations, some midmarket deals are running up against capacity issues among buyer due diligence teams and professional services providers. Another development that Robert and the RBC team are seeing is that border controls are shifting the buyer pool significantly toward Canadian entities. Generally, however, the market is strong and promises to remain so for the immediate future. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
| Episode 15 – In for the Duration: Today's
Midmarket from the Perspective of a Long-term PE Investor. With Andrea Nickel, Managing Director, Celina Capital Corp., Toronto |
Andrea Nickel of Celina Capital joins Mario Nigro to discuss Celina's experiences during the pandemic. Founded in 2017, Celina is a long-term midmarket value investor that partners with management teams, generating results in the form of cash flow rather than quick exits. Business in the first half of 2021 has been brisk, as the pandemic continues to spur seller activity across all sectors. While interest rates are a wild card, Andrea believes that the market is likely to remain robust for the foreseeable future. | Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 14 - Canada's Midmarket: Accelerating Growth as Available Capital Increases With Stephen Jakob, Founder and Managing Partner, Osprey Capital Partners, Toronto |
This podcast features Stephen Jakob, co-founder of Osprey Capital Partners, advisors to families and shareholders selling mid-sized businesses. Over the past 20 years, growing private equity activity has substantially increased available capital in Canada's midmarket. According to Stephen, the pandemic has only exacerbated this trend, as numerous search funds, unfunded sponsors and U.S. funds join the hunt for Canadian acquisitions, with bidding wars now commonplace for even relatively small businesses. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 13 - Financial Diligence: A View from the Front Lines With Damiano Peluso, Partner, Transaction Services, KPMG, Toronto |
Damiano Peluso of KPMG joins Mario Nigro to discuss how financial due diligence has been affected by the pandemic. Some of the changes are practical, such as fewer face-to-face meetings and an inability to work on-site. Others are more substantive, as advisors develop new approaches to disentangle COVID-related issues from those that reflect longer-term strengths and weaknesses in the seller's business. Looking forward, Damiano sees continuing strength in the M&A market over the next 12 months. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 12 - Private Equity and the North American Distribution Sector With Jay Greyson, Co-Founder and Partner, Supply Chain Equity Partners, Tampa, FL |
Our guest on this podcast is Jay Greyson of Tampa-based Supply Chain Equity Partners (SCEP), the only North American PE firm that invests exclusively in the supply chain/distribution sector. Jay discusses how pandemic-related disruptions, baby-boomer retirements and impending capital gains tax changes in the U.S. are bringing many companies to market. Canada is a significant part of SCEP's portfolio and the firm continues to pursue opportunities north of the border. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 11 - Canada's Growing Midmarket Tech Sector: Insights and Outlook With Shivalika Handa, Managing Director, PwC Corporate Finance |
Shivalika Handa, a corporate finance advisor and leader of PwC Canada's technology transactions group, joins Mario Nigro in this podcast. From a technology M&A perspective, the pandemic sharply accelerated a longer-term trend of international investor interest in Canada's tech sector, including the country's fintech, healthcare and AI clusters. Shivalika notes that this improved access to foreign capital has lessened pressures to relocate to the U.S., with the result that Canadian tech companies are growing in place, producing more midmarket players and new M&A opportunities. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 10 - Pandemic Selling: An Investment Banker's Perspective on Canadian Midmarket M&A With Christian Davis, Managing Director, Midmarket Investment Banking Group, CIBC |
In this episode, Mario Nigro speaks with CIBC's Christian Davis about the trends he's seeing in Canadian midmarket M&A. The remarkable sell-side strength of the pandemic era appears to be based on a combination of long-term and pandemic-specific factors. In Christian's view, activity is likely to remain robust over the medium term, with rising inflation being one "red flag" that he and his team are watching closely. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 9: PE Investing in Residential Real Estate Development With Sasha Cucuz, CEO of Greybrook Securities, Toronto |
Sasha Cucuz joins us to discuss private equity in the real estate context. His company, Toronto-based Greybrook Securities, makes private equity investments in residential real estate development projects in Southern Ontario and across North America. Greybrook is actively involved in managing the projects in collaboration with developers. Sasha provides his insight into the direction of the residential real estate market and discusses new opportunities, notably in the area of healthy building interiors, that have emerged during the pandemic. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 8: Bridging the Small Business "Tech Gap": A Unique Investment Approach With Dr. Afsheen Afshar, Founder and Managing Member of Pilot Wave Holdings |
Our guest in this podcast is Dr. Afsheen Afshar, founder of New York-based Pilot Wave Holdings. Focusing on smaller midmarket companies, Pilot Wave invests not only capital but also AI and other advanced technology expertise into its portfolio businesses. As an MD/PhD from Stanford University, Afsheen spent a number of years leading the data science divisions of top U.S. financial firms before moving into his current role. His recent experience includes Pilot Wave's first deal in Canada, which he and Mario Nigro discuss before turning to the overall state and direction of the deal market. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 7: Turning a Regional Canadian Business into a Continent-wide Innovator With Rob Cherun, CEO of Stealth Monitoring |
In this podcast, Mario Nigro is joined by Rob Cherun, an Ottawa native and CEO of Stealth Monitoring, a success story of Canadian entrepreneurship. They discuss the company's expansion from regional business to significant player in the U.S. and Canadian commercial video surveillance markets, as well as its future possibilities. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 6 – Private Equity Without a Permanent Fund: The Argyle Capital Approach With Mark MacPherson, Co-Founder and Partner, Argyle Capital Partners Inc., Toronto |
Mark MacPherson is co-founder and partner of Argyle Capital Partners Inc., a Toronto-based midmarket firm. In this podcast, he and Mario Nigro discuss Argyle's approach of raising capital for each specific deal rather than creating a pool of committed capital and finding ways to deploy it, as well as the company's response to the pandemic. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 5: Opportunities at the Lower End of the Midmarket With Glen Silvestri, Sage Capital Partners, Toronto |
Glen Silvestri, co-founder and managing partner of Toronto-based Sage Capital Partners, joins us to discuss his company's experiences as an investor in businesses at the lower end of the Canadian midmarket. While there are challenges to working in this neglected market niche, there are also many rewards. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 4: Investing in Canada during the Pandemic: A U.S. Private Equity Perspective With Chip Chaikin, Partner, Blue Point Capital Partners, Cleveland, Ohio |
Chip Chaikin, whose Ohio-based firm is about 20% invested in Canada, discusses the challenge of looking for deals and managing relations with portfolio companies across a closed border and refers to some of the differences in the pandemic response in Canada and the United States. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 3: Midmarket/Entrepreneurial M&A Advisory in the Pandemic With Alan Chettiar, Partner, M&A Advisory, FirePower Capital |
Alan Chettiar discusses the resilience he has seen, as an advisor to midmarket entrepreneurs, over the past year. The software sector has been strong throughout the period and most other sectors are now back on track, as buyers begin to price deals on a post-Covid basis. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 2: Midmarket Lending: A Banker's Perspective With Ross Thomas, District VP, TD Commercial Banking, Mississauga, Ont. |
Ross Thomas is involved in midmarket lending and discusses what he has been seeing in the Mississauga-Etobicoke (Toronto-area) market, which is home to many industrial and logistics companies, during the pandemic. Transition management and succession planning have continued to be busy. |
Spotify | Apple Podcasts (iTunes) | SoundCloud |
|
Episode 1: Evolution of Representation and Warranty Insurance With Sean Flinn, VP and Co-head, M&A Practice, BFL Canada |
Sean Flinn joins us to discuss how RWI is used in transactions involving PE firms and how Canada is following the lead of other countries in using it in a wider range of situations. |
Spotify | Apple Podcasts (iTunes)| SoundCloud |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
