Views From the Market

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. 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

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 U.S. tariffs by reshaping their supply chains and production strategies while hoping that a renegotiated CUSMA agreement will restore predictability to the marketplace. Professor Busch presents a range of scenarios regarding future trade agreements, suggesting that new trade barriers – particularly tariffs invoked on “national security” grounds – will continue to impact business planning for the foreseeable future. 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

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 proceeding tend to move slowly, thanks in part to longer diligence processes and a go-slow attitude among many buyers. However, as Andrew notes, while tariffs cannot be avoided, some strategies that can partially mitigate their impact are already being deployed. 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

Rishi Dhir, Head of Transactional Insurance Solutions at Willis Towers Watson, shares insights from his expertise in mergers and acquisitions. He discusses the increasing traction of representation and warranty insurance (RWI) in Canadian midmarket deals as low as $5 million. Rishi highlights decreased premiums and deductibles, as well as the growing importance of supply-chain flexibility amid tariff changes. The conversation underscores how RWI supports buyers through careful due diligence and tailored industry solutions, while also emphasizing the need for knowledgeable brokers.

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 of private equity and strategics as is found elsewhere. Even in the uncertain tariff environment, EC2 is seeing steady interest from potential sellers, with the caveat that those sellers are deliberating more about how to proceed, while buyers are looking more intently at the tariff exposure of potential acquisitions. 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 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 companies during transactions, such as IPOs and M&A, and (iv) address resource gaps. The discussion emphasizes the evolving role of CFOs, particularly in M&A, as drivers of growth, and the growing interest among mid-career and older CFOs in contract assignments. 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

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 attention to the things looked for when making lending decisions. 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, 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 highlights the growing trend of family offices becoming direct, rather than passive, investors with substantial in-house expertise. The conversation provides valuable insight into the family office space and its future direction in Canada. 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, 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 searching in a sector that was relatively new to the concept, as well as the ongoing value of his excellent rapport with the seller, who has become a key advisor as the business pursues its growth strategy. 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 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 disabilities and complex needs. Lisa discusses her search process, which focused on human-centric businesses, and describes how she found CRSS and decided it was right for her. 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