People Mentioned
Partner, Corporate, Montréal
Business owners nearing retirement are attracting interest from private equity investors and entrepreneurs looking for enterprises valued between $5 million and $50 million with defence sector potential, says Raphaël Amram, partner, Corporate, in an interview with The Globe and Mail.
The role of these companies is growing in importance as Canada looks to become less reliant on the United States. “And if they’re left to be ignored or they’re purchased by foreigners, then all of a sudden we have a very vulnerable part of our supply chain related to national security concerns being unattended,” says Raphaël.
Approximately 61% of small and medium-sized businesses (SMBs) are led by owners aged 50 and up, and nearly one in five plan to exit within five years, according to a 2026 survey by the Business Development Bank of Canada. At the same time, more than 90% of the Canadian defence industry is made up of SMBs, according to a report by Innovation, Science and Economic Development Canada and the Canadian Association of Defence and Security Industries based on data collected in 2024.
The federal government, along with several industry organizations, is working to map the defence sector and provide an overview of the companies operating within it and the roles they play, as Ottawa aims to spend 5% of Canada’s gross domestic product on defence by 2035 in line with NATO targets.
If you subscribe to The Globe and Mail, you can read the full article by Pippa Norman posted on July 13, 2026.
People Mentioned
Partner, Corporate, Montréal
