M&A Advisor Podcast

How are today’s dealmakers using data and AI to source deals, conduct diligence, evaluate targets, manage risk, and create value?In this M&A Ideas session, veteran practitioners from private equity, investment banking, and corporate development discuss how technology is changing the dealmaking process—and where human judgment and relationships remain essential.The conversation covers the current M&A environment, valuation trends, private equity activity, AI-driven deal sourcing, buy-and-build strategies, investigative due diligence, financing challenges, and the growing importance of AI strategy when evaluating potential acquisitions.Presented in partnership with S&P Global Market IntelligenceThis episode features insights from Jeffrey Johnson of Blackford Capital, Euan Rellie of BDA Partners, and Nigel Raghani of Vertex, Inc. with Joe Toomey of S&P Global Market Intelligence moderating.A practical look at how data-led dealmaking is reshaping the way M&A professionals find opportunities, assess risk, and execute transactions.Listen to the M&A Advisor Podcast:Spotify |  Apple Podcasts |  YouTubeModerator: Joe Toomey, S&P Global Market IntelligencePanelists: Jeffrey Johnson — Blackford Capital; Euan Rellie — BDA Partners; Nigel Raghani — Vertex, Inc.01:00 — Welcome to M&A Ideas: An introduction to the data-led dealmaking discussion and the changing M&A environment.10:58 — What will drive M&A activity higher?: The panel considers macroeconomic stability, financing conditions, CEO confidence, policy, and valuation.12:24 — The 2026 M&A landscape: Global deal values, transaction volumes, and the divergence between deal value and deal count.16:18 — AI enters the dealmaking process: How investment banks and private equity firms are using AI for deal sourcing, research, and analysis.18:30 — Why deal volume remains challenged: Discussion of valuation stability, lower transaction volume, financing constraints, and buy-and-build strategies.21:09 — AI and software M&A: The impact of AI on enterprise software valuations, acquisitions, and corporate development strategies.25:20 — Finding data in the lower middle market: How AI and alternative data sources are helping smaller private equity firms compete where traditional public data can be limited.29:08 — Relationships + data-driven sourcing: Why conviction-driven sourcing strategies and relationships with founders, operators, bankers, and business brokers remain critical.32:25 — AI is a tool, not a replacement for relationships: Balancing technology with the human side of M&A.36:38 — The hidden risks uncovered during diligence: Customer concentration, founder motivations, retention metrics, pricing dynamics, and other non-obvious deal considerations.39:40 — The value of vendor due diligence: How financial, commercial, environmental, HR, and IT diligence can improve deal speed and certainty.45:16 — Financing in an uncertain environment: How conservative credit committees and changing capital structures are affecting transactions.Key Takeaways:Data is becoming increasingly important throughout the M&A lifecycle.AI is helping dealmakers source opportunities and accelerate research and diligence.Relationships remain a critical component of successful dealmaking.Buy-and-build strategies are playing an important role in the current market.Thorough diligence can uncover risks that headline financial metrics may not reveal.Buyers are increasingly evaluating both the AI potential and AI vulnerability of target companies.Technology can accelerate the process, but it does not replace fundamental analysis or human judgment.Faculty Speakers:Jeffrey Johnson, Managing Director, Blackford CapitalEuan Rellie, Co-Founder and Managing Partner, BDA PartnersNigel Rughani, Vice President of Corporate Development, Vertex Inc.Joe Toomey (MODERATOR), Director, Professional Service Business Development, Data and Research Solutions, S&P Global Market Intelligence

Live from the 2026 Distressed Investing Summit Deal Forum at the Four Seasons Resort Palm Beach, this fireside chat digs into distressed and opportunistic M&A through the lens of one of the most complex deals in recent auto industry history: Key Safety Systems' acquisition of Takata, the airbag supplier behind one of the largest product recalls in consumer history.Featuring:Ron E. Meisler — Partner, Corporate Restructuring, Skadden (moderator)Lenny La Rocca — US Automotive Leader, KPMGSteven Daniels — Partner, M&A / Private Equity, SkaddenJoe Perkins — Board Advisor, Paslin; former Interim CEO, Key Safety SystemsWhat's covered:The four value drivers of distressed M&A: limited competition, bargain pricing, compressed timelines, and the finality of a free-and-clear 363 sale — plus the tradeoffs, from perpetual auctions to diligence crunchesInside Takata's collapse: a defective airbag inflator recall covering roughly 350-360 million units worldwide, a $1 billion DOJ criminal penalty for falsified safety records, and why the auto industry's sole-source supply chain made Takata's survival non-negotiableHow fourth-place player Key Safety Systems (under 10% market share) won a deal to absorb a company seven times its size, and why buyer viability became as important as priceBuilding consensus across an enormous stakeholder map: the top 15 global OEMs, NHTSA, the DOJ, CFIUS, tort claimants, and an unsecured creditors' committee — and the "carrot and stick" that got 99.8% of OEMs to sign indemnity agreements (sign on, or lose your parts supply)Running parallel court processes in the US, Japan, and Canada to close a single, coordinated global transactionThe CFIUS wrinkle few saw coming: a Chinese buyer, a US military-grade fabric component, and a deal structure built to clear national security reviewWhy the true measure of success wasn't just closing the deal — it was the cost of not doing it, and what the post-transaction NewCo delivered for every stakeholder at the tableA masterclass in structuring mega-deals under pressure: managing competing interests, regulatory scrutiny, and cross-border complexity when billions of dollars and public safety are on the line.Since 1998, The M&A Advisor has been the definitive source for recognizing achievement and connecting the world's mergers, acquisitions, and turnaround elite. Whether you're new to dealmaking or a seasoned veteran, this podcast delivers masterclass strategies and unvarnished stories from the industry's most influential figures.Follow us on Spotify, Apple Podcasts, and YouTube, and subscribe to our M&A Alerts email newsletter for a steady feed of premium M&A content. Links in the episode description.Hosted by Roger Aaron, Founder and CEO of The M&A Advisor.Stay decisive. Stay connected. Happy dealing.

Live from the 2026 Distressed Investing Summit Deal Forum at the Four Seasons Resort Palm Beach, The M&A Advisor brings you a fireside-chat luncheon conversation honoring three titans of restructuring: a Lifetime Achievement Award for David Kurtz and Leadership Awards for Kevyn Orr and James Doak. Moderated by Jack Butler (Founder & CEO, Birch Lake Holdings), the panel trades war stories spanning five decades of dealmaking — from broke first-year associates living on beans and weenies to leading the largest municipal bankruptcy in U.S. history.Featuring:Jack Butler — Founder & CEO, Birch Lake Holdings (moderator)James Doak — Head of Capital Structure Advisory, StifelKevyn D. Orr — Partner-in-Charge, U.S. Offices, Jones DayDavid S. Kurtz — Vice Chairman, Hilco Global; CEO, Hilco Professional ServicesWhat's covered:How three very different paths — a "budding socialist" turned corporate lawyer, a self-described "magna cum nothing" law grad, and a Harvard MBA who chose Rust Belt restructuring over Silicon Valley — all converged on the bankruptcy bar just as the modern Bankruptcy Code was reshaping capital marketsBuilding a career the boutique way: working at Wasserstein Perella, spinning out to found Miller Buckfire, and eventually joining forces with StifelKevyn Orr's inside account of serving as Emergency Manager of Detroit and steering the city's historic Chapter 9 restructuring — and why municipal bankruptcy is back in the headlinesDavid Kurtz on scaling Hilco into two dozen-plus verticals and what it takes to run one of the country's leading turnaround and advisory firmsA candid read on today's capital markets: political uncertainty, the blurring line between capital allocators and intermediaries, and where the panel sees opportunity over the next 12-18 monthsWhy relationships — not resumes — are the real currency of a 40-year career, and the lesson each leader passes on to the next generation of dealmakersClosing remarks on privilege, obligation, and giving back, delivered as the 2026 Leadership and Lifetime Achievement Awards are presentedThis is a conversation about the long game: how reputation compounds, how resilience gets tested, and how results follow both.Since 1998, The M&A Advisor has been the definitive source for recognizing achievement and connecting the world's mergers, acquisitions, and turnaround elite. Whether you're new to dealmaking or a seasoned veteran, this podcast delivers masterclass strategies and unvarnished stories from the industry's most influential figures.Follow us on Spotify, Apple Podcasts, and YouTube, and subscribe to our M&A Alerts email newsletter for a steady feed of premium M&A content. Links in the episode description.Hosted by Roger Aaron, Founder and CEO of The M&A Advisor.Stay decisive. Stay connected. Happy dealing.

A fireside chat from the 2026 Distressed Investing Summit (Deal Forum, Four Seasons Resort, Palm Beach, FL).When the White House flipped the switch on green energy incentives, more than $24 billion of clean energy deals were canceled almost overnight, and the tax equity capital that funded the sector dried up. In this conversation, a veteran restructuring lawyer walks through one of the most remarkable cases of the cycle: a global battery storage company that fell into free fall, lost its biggest projects, and still emerged from bankruptcy in under six months. It is a candid look at credibility, working capital, and what comes next for energy distress in an AI and geopolitics driven world.In this episode:How a policy reversal canceled $24B in green energy deals and froze tax equity capitalWhy blue chip names like Walmart pour cash into energy through tax equity creditsThe five times return inside five years, and what happens when the rules change mid recaptureBankruptcy remote structures, parent guarantees, and why buyers had to put skin in the gameThe credibility deficit: borrowing from the future to pay for the pastLosing the world's largest solar plant deal days before filingThe Dallas summit: getting 100+ customers in a room to fund survivalTurning customer payments into DIP loans to solve the free rider problemLanding single digit DIP financing under 8% in a free fall caseFree fall vs. pre negotiated vs. prepackaged, explainedChoosing venue for speed and customer service, and a clean six month exitKnowing what you can and cannot reach for to maximize valueThe bigger picture: AI, data center demand, and a fragile global energy gridA war story from the 2004 Northeast blackoutChapters:00:01 Intro01:09 From Skadden to Dentons, and a truly cross border deal02:43 Policy reversal and $24B of canceled green energy deals04:21 How tax equity credits and blue chip investors fund energy06:51 Partnership flips, recapture periods, and bankruptcy remote structures09:57 The credibility deficit and a working capital crunch11:49 Losing the Acacia solar plant deal before filing13:08 The Dallas summit: getting customers in a room15:25 DIP loans, the free rider fix, and sub 8% financing16:42 Free fall vs. pre negotiated vs. prepackaged17:32 Venue strategy and a six month exit from bankruptcy20:00 Knowing your limits to maximize value20:56 AI, data centers, and a fragile energy grid22:42 War story: the 2004 Northeast blackoutThe panel:Van Durrer, Partner, DentonsHost: Roger Aguinaldo, Founder and CEO, The M&A AdvisorFollow The Advisor Podcast on Spotify, Apple Podcasts, and YouTube, and subscribe to the M&A Alerts newsletter.#EnergyRestructuring #DistressedDebt #GreenEnergy #Bankruptcy #Restructuring #MergersAndAcquisitions #DealMaking

A fireside chat from the 2026 Distressed Investing Summit (Deal Forum, Four Seasons Resort, Palm Beach, FL).Private credit grew from near zero to roughly $3 trillion in a decade. Now retail money is heading for the exits, firms are putting up gates, and the system has never been tested by a real credit cycle. In this wide ranging conversation, two of restructuring's most experienced voices unpack what is actually happening under the hood: where private credit goes from here, the rise of asset based lending, the search for cheaper alternatives to Chapter 11, and the early warning signs worth watching. It closes with candid career advice for anyone building a future in the business.In this episode:Why private credit went too far, and what the retail pullback really meansGates are not a free lunch: the repercussions of stopping the outflowsPerformance vs. fear of bad performance, and why the numbers have held upMoving private credit into asset based lending, and why it is a different skill setStory credits: companies that are not distressed but cannot access cash flow loansUnderwriting to the downside, assuming you may have to enforce on the assetsThe equivalent of liability management in a one or two lender worldWhy private credit is less amenable to classic 50.1% vs. 49.9% maneuversThe search for efficiency: ABCs, receiverships, Article 9, and offshore filings (UK, Singapore, Denmark)Whether the system can handle a distress wave, and the 2008 ecosystem lessonThe canary in the coal mine: cash to PIK conversions and backdoor defaultsThe case for a new Chapter 16 and why Congress has done nothing with itStaying competitive: why US restructuring has lost groundClosing career advice: put yourself in a position to be luckyChapters:00:01 Intro01:09 Setting the stage: private credit, gates, and AI02:43 From zero to $3 trillion, and the retail pullback04:47 Does the actual performance justify the fear?05:37 Moving into the asset based lending market06:51 Story credits and underwriting to the downside08:35 Liability management in the private credit world10:58 Why one and two lender deals change the game11:52 No credit cycle yet, and whether the system can handle a wave13:44 Cash to PIK conversions as a warning sign15:18 Chapter 11 cost and alternatives: UK, ABCs, Article 915:44 How the bankruptcy code drifted from its 1978 balance16:59 The case for a Chapter 1617:49 Career advice: put yourself in a position to be luckyThe panel:James H. M. Sprayregen, Vice Chairman, Global Strategy & Growth, Hilco GlobalMo Meghji, Managing Partner, M3 PartnersHost: Roger Aguinaldo, Founder and CEO, The M&A AdvisorFollow The Advisor Podcast on Spotify, Apple Podcasts, and YouTube, and subscribe to the M&A Alerts newsletter.#PrivateCredit #Restructuring #DistressedDebt #Bankruptcy #AssetBasedLending #MergersAndAcquisitions #DealMaking