Views From the Market

What can patient, hands-on capital bring to private investing?

Shael Soberano joins Mario Nigro to discuss the investment approach of his family office, which looks for durable businesses, aligned partners, and a seat at the table. Topics include:

• Sharno Group’s focus on hands-on investments in well-established industries

• The importance of aligning incentives and investment horizons with co-investors and operators

• The value of backing emerging sponsors and first-time searchers

• Why Sharno Group is taking a patient, defensive approach amid the AI craze

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Where can AI add value in financial advisory services – and why is it unlikely to fully replace professional expertise in the near term?

Rob Hong of Sapling Financial Consultants joins Mario Nigro to discuss AI’s practical uses and significant limitations in financial advisory services, as well as the outlook for Canada’s lower mid-market M&A sector. Topics discussed include:

• Rob’s experience using AI at Sapling, the impact of advances in agentic AI and the ebb and flow of enthusiasm he is seeing in the financial advisory sector;

• Discrete tasks where AI often shines, including first-pass financial modelling and general-ledger analysis, “fuzzy matching,” research, and business development;

• Why AI efficiency gains do not displace experienced professionals with the ability to identify errors, exercise judgment, take responsibility and train junior colleagues; and

• Beyond AI, the current state of Canada’s lower mid-market, where trade uncertainty and insistence on extensive diligence are constraining transaction completion despite substantial dry powder and pent-up demand.

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From diligence to value creation, where can AI make the biggest impact in a transaction?

Datatonic’s Stephen Charko joins Mario Nigro for a fascinating discussion of the evolving role of AI-driven data analytics in acquisition contexts. Topics discussed include:

• How AI is transforming deal diligence into “data gold mines” by analyzing board minutes, meeting records and executive interviews for key trends;

• Taking traditional data analysis to the next level by using AI to uncover innovation opportunities and new market strategies;

• The value creation opportunity for private equity acquirers from AI-driven productivity gains that can help mid-market companies modernize and improve efficiency; and

• The ongoing importance of human judgment and trust as AI outputs continue to rely on data quality and validation by trusted advisors.

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The use of AI in M&A continues to evolve.

In this episode, Mario Nigro speaks with Noah Waisberg about the development of AI-driven tools for M&A diligence, Noah’s experience building and selling Kira Systems, and his current work at Zuva.

Topics discussed include:

• How AI fits into the broader picture of recent M&A innovations such as virtual data rooms, quality of earnings reviews and representation & warranty insurance;

• Where AI can reduce sell-side friction, including pre-diligence, disclosure schedules and managing duplicative sets of bidder queries;

• How AI could encourage more robust auctions, with more bidders emerging as technology drives down diligence costs; and

• AI’s “80/20” strength: it completes the first 80% of tasks efficiently, while human judgment remains essential for accuracy and “last mile” analysis.

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🤝 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp

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What goes into preparing a family business for a successful sale?

In this episode of Views from the Market, Mario Nigro speaks with Chandra Davis about the history and growth of Electro Cables, a wire and cable manufacturer in Trenton, Ontario, and the company’s eventual sale process.

Topics discussed include:

• How Chandra and her brother expanded Electro Cables by focusing on quality

• Why they decided the timing was right to pursue a sale and new personal and professional goals

• How preparation, normalized data, and experienced advisors drove a competitive sale process

• Lessons for owners on full preparation and choosing the right advisory team

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🤝 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp

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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 values of $3 million to $30 million are attracting a wider range of potential buyers

• How succession-driven sales are increasing, even as many owners remain underprepared

• Why buyer demand continues to exceed the supply of top-quality sellers

• How financing uncertainty, longer diligence and earnouts are shaping deal execution

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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 continued strength of technology M&A activity in Canada

• Why buyers are approaching transactions more cautiously amid market uncertainty

• The opportunities AI could create for Canadian technology entrepreneurs

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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 importance of being level-headed, highly organized and responsive to daily developments. Also important is the ability to concisely articulate the company’s vision and values to create a sense of direction across the organization. Finally, Justin recommends that searchers and other prospective acquirors/CEOs look past the spreadsheet to understand the type of commitment that running a particular type of business will entail.

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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 diligence processes, with potential buyers seeking information in the early stages of the process. This trend currently favours tech products that are embedded in customer workflows with proprietary data. Overall, however, while Anish foresees a period of adjustment, he remains bullish on tech M&A over the next few years.

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🔗 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp

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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 valuation expectations based on outdated market reports and, increasingly, AI-generated analyses. Despite macroeconomic uncertainty, Tyler remains optimistic, citing strong private equity interest and the continuing wave of “baby-boomer” exits.

🔗 To stay connected and receive the latest updates, subscribe to our podcast on SoundCloud, Spotify, Apple Podcasts, and YouTube.

🔗 Follow Stikeman Elliott on LinkedIn: linkedin.com/company/stikeman-elliott-llp

🔗 For more information and resources, visit: stikeman.com/viewsfromthemarket