81. Erik Mikkelsen and Entrepreneurship Through Acquisition

In 2014, Erik Mikkelsen and Rob Cherun made the first successful exit for a Canadian search fund when Auxo Management LP acquired Toronto-based security firm UCIT.

The move cemented the two Ivey alums in the relatively young history of Canada's entrepreneurship through acquisition (or ETA) sector; a form of entrepreneurship popularized by Harvard in the 1980s, where leaders would buy and run pre-existing businesses.

Over the next decade, Mikkelsen built Stealth to become a powerhouse in the security space, growing the company from 55 to over 2,000 employees, whilst achieving a 30x increase in revenue. In 2024, Stealth was acquired by GardaWorld.

In this insightful discussion with Ivey Lecturer David Simpson, Mikkelsen talks about his journey from entrepreneur to consultant to entrepreneur through acquisition, the evolution of search fund models in ETA, and the field’s growing importance and visibility in the Canadian market.

The Entrepreneur Podcast is sponsored by Quantumshift 2008 alum and founder of Closing the Gap Healthcare Group, Dr Connie Clerici.