This episode highlights the growing role of competition and foreign investment law in Canadian midmarket transactions. Special guest Michael Kilby, head of the Competition and Foreign Investment Group at Stikeman Elliott, highlights the increasing regulatory scrutiny of small and medium-sized transactions in the wake of recent amendments to the Competition Act. Scenarios that are attracting regulatory attention, include private equity roll-up strategies in sectors such as veterinary services, dentistry, and software (particularly AI). Also discussed are changes to the foreign investment review process in Canada and their impact on transaction timing and risk allocation.

In this episode, Mario Nigro interviews entrepreneur Rob Luck on his transition from engineering to search funds, and particularly Rob’s experience acquiring, operating and eventually exiting Hathorn Corp., a builder and supplier of camera equipment for drain and sewer inspections. Rob provides detailed observations on being a first-time business owner tasked with turning a legacy business into a competitive industry leader, and how he achieved his rewarding exit.

This podcast features Tom Stevenson, the former owner of Hub Equipment, a GTA-based heavy equipment rental company. Tom discusses the experience of selling the business, which was founded by his grandfather in 1946. He and host Mario Nigro focus on the importance of finding a strategic partner that shared Hub’s values and offered growth opportunities for key employees, while retaining Hub’s historic brand. Tom also reflects on the more personal aspects of the process that led to the sale to Cooper Equipment and on the positive experience of staying on with the company post-sale.

Special guests Nick Rotundo and Claudio Martellacci from Grewal Guyatt LLP join Mario for this edition of the podcast. Claudio and Nick discuss the unique aspects of working with mid-market companies, emphasizing their valuation specialization, one aspect of Grewal’s comprehensive advisory services in this space. They highlight the differences between low/mid-market deals and big Bay Street deals, noting that the former can often be more challenging because of owner-operators’ deep financial and emotional stakes in their businesses. The guests also share insights into current trends, such as a growing pool of ex-tech industry employees with cash to buy existing businesses that are ripe for technological upgrades.

In this episode, Mario Nigro and special guest Tiara Letourneau of Rewrite Capital Advisors discuss employee ownership trusts (EOTs) – both their history in the U.S. and U.K. and the work that Tiara and others have put into a successful push for similar, but even more flexible and innovative, legislation in Canada. The new Canadian EOT model allows employees to become owners without financial contributions, with the trust buying the shares and employees benefiting from the profit and equity, while also affording exiting owners a significant capital gains exemption. While Canada’s new EOT structure is a great exit option for a wide range of owners, Tiara is especially enthusiastic about its potential positive impact on small communities.

Mario Nigro interviews Peter Stefanovich, president of Left Lane Associates, which assists transportation, logistics, and supply chain companies with exit and acquisition strategies. Left Lane’s rapid growth shows that, with exceptional industry expertise, a sector-specific Canadian M&A shop can achieve major success. Peter and Mario discuss the volatility of the market through the pandemic period and what Peter sees as the likelihood of a strong bounce-back in M&A activity, thanks to lower interest rates and increasing AI exploitation in 2025 and beyond.

Mario’s guest, Jim Friesen of Portage M&A Advisory, discusses his experiences as a sell-side advisor to Canadian owner-operators. Portage focuses on setting realistic seller expectations, preparing the businesses for sale and finding the right buyers in a pool that’s deeper than ever (with private equity, family offices, searchers and high-net-worth individuals in the mix, in addition to strategics). While some exiting lower midmarket owners continue to attempt to sell on their own, the growing complexity of sales processes and tax issues makes it highly advantageous to work with experienced professional advisors in the great majority of cases.

In this podcast, Mario Nigro speaks with Don Hilton, founder of Distinct Capital Partners, an M&A advisory firm catering to owner-operated lower midmarket businesses. With 40 years of experience at every level of corporate finance and M&A, Don has seen the sell-side market shift toward baby boomers looking to sell their businesses outside the family. As he and Mario discuss, the key to Distinct Capital’s success is its ability to provide business owners with a complete range of expert transactional services, paving the way for a smooth and successful exit.

In this podcast, Mario speaks with Liz MacRae about the unique Village Wellth platform, which provides entrepreneurial acquirors – often in the market for the first time – with the preparation, resources, advisory services and contacts they need to find, evaluate and finance business acquisitions. The other side of the Village Wellth coin is the opportunity it gives to sellers to increase their visibility and discover potential buyers. Liz and Mario also discuss recent trends in the Canadian acquisition market, including the expanding awareness of Entrepreneurship Through Acquisition (ETA) and the emergence of more family and female buyers.

In this episode, David Planques of Revival Capital Partners discusses the fascinating and important role of chief restructuring officer. Distressed businesses hire CROs to solve the problems that must be overcome before a successful restructuring can proceed. Seasoned CROs like David have the skills and experience to keep stakeholders, employees and suppliers on board as the process unfolds. David concludes the discussion by sharing some of the lessons of his extensive involvement in these high-pressure situations with podcast host Mario Nigro.