Views From the Market

In this conversation, Jonathan Sherman, a Partner at Oaklins Canada with over 25 years in M&A, shares insights about foreign interest in Canadian mid-market businesses. He discusses the impact of tariff uncertainty on buyer hesitance, particularly in manufacturing sectors like metals and auto, while highlighting ongoing interest in CUSMA-protected industries. Jonathan also predicts a surge in deal volume by 2026, driven by pent-up demand and succession planning, suggesting a complex but dynamic landscape for cross-border transactions.

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. 🔗 To stay connected and receive the latest updates, subscribe to our podcast on SoundCloud, Spotify, and Apple Podcasts 🔗 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp 🔗 For more information and resources, visit: stikeman.com/viewsfromthemarket

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. 🔗 To stay connected and receive the latest updates, subscribe to our podcast on SoundCloud, Spotify, and Apple Podcasts 🔗 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp 🔗 For more information and resources, visit: stikeman.com/viewsfromthemarket

In this engaging discussion, David To, the founder of Lnkd Capital and CEO of AT Safety Training, shares his entrepreneurial journey from the apparel industry to successful business acquisition. He details his extensive search strategy, exploring 16-20 sectors and employing a unique email campaign that led him to AT Safety Training. David emphasizes the importance of relationship-building with business owners and navigating emotional ties during the acquisition. He also reflects on his first days as CEO and the growth opportunities ahead for his newly acquired company.

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. 🔗 To stay connected and receive the latest updates, subscribe to our podcast on SoundCloud, Spotify, and Apple Podcasts 🔗 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp 🔗 For more information and resources, visit: stikeman.com/viewsfromthemarket

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. Thank you for tuning in to Views from the Market. 🔗 To stay connected and receive the latest updates, subscribe to our podcast on SoundCloud, Spotify, and Apple Podcasts 🔗 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp 🔗 For more information and resources, visit: stikeman.com/viewsfromthemarket

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. Thank you for tuning in to Views from the Market. 🔗 To stay connected and receive the latest updates, subscribe to our podcast on SoundCloud, Spotify, and Apple Podcasts 🔗 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp 🔗 For more information and resources, visit: stikeman.com/viewsfromthemarket

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. Thank you for tuning in to Views from the Market. 🔗 To stay connected and receive the latest updates, subscribe to our podcast on SoundCloud, Spotify, and Apple Podcasts 🔗 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp 🔗 For more information and resources, visit: stikeman.com/viewsfromthemarket

River Ewing, Director at Hadley Family Capital, shares insights from his journey in family business and investments. He discusses the evolution of family offices, highlighting their unique flexibility in funding searchers. River emphasizes the growing Canadian search fund ecosystem and the significance of strong governance in investments. He also recounts the turnaround of an industrial automation firm and the traits Hadley looks for in searchers. Anticipating a rise in self-funded searches, he underscores the importance of thoughtful diligence from investors.

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. Thank you for tuning in to Views from the Market. 🔗 To stay connected and receive the latest updates, subscribe to our podcast on SoundCloud, Spotify, and Apple Podcasts 🔗 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp 🔗 For more information and resources, visit: stikeman.com/viewsfromthemarket