M&A Club Insights

The M&A Club highlights the release of the BDC State of Entrepreneurship Report 2025, published by the Business Development Bank of Canada (BDC), a national member of the Club. This annual report offers a clear overview of the challenges Canadian businesses are facing in a year marked by economic uncertainty, rising costs, weaker demand, and increased competition.

On October 30, 2025, 25 women leaders from the M&A community gathered at Dentons in Toronto for a different kind of networking experience. Instead of exchanging business cards and chatting, we spent time in a structured, facilitated conversation to share insights, challenges, and experiences — and to build genuine relationships that go beyond transactions.

The M&A Club reports a milestone announcement from Sevrine Labelle, Managing Director of the Thrive ETA Fund at BDC Capital. The fund has officially made its first investment of $2 million in MAGNUM Capital Fund I, the first women-led private equity fund in Canada dedicated to the search fund model.

The M&A Club is pleased to share that Stingray (TSX: RAY.A; RAY.B), a Montreal-based leader in music, media, and advertising solutions, has announced the acquisition of DMI, a U.S. company recognized for its expertise in music branding and in-store audio advertising. This strategic transaction adds 8,500 new retail locations to Stingray’s U.S. media network, bringing its total to 33,500 locations and further strengthening its position as a key player in the North American retail media space.

In the latest episode of Deal or No Deal?, Dentons’ leading M&A podcast, Jason Saltzman — Partner in Dentons Canada’s Corporate group, National Leader of the Firm’s Mergers and Acquisitions Group, and President of the Toronto Chapter of the M&A Club — is joined by Michael Beeforth, Partner in Litigation & Dispute Resolution (Toronto), and Riley Dearden, Partner in Corporate (Calgary), to unpack the essential yet often underestimated role of Non-Disclosure Agreements (NDAs) in M&A transactions.

The M&A Club of Canada is pleased to announce the appointment of Joe Graci, CEPA, as Managing Director for Ontario. A seasoned entrepreneur and Certified Exit Planning Advisor, Joe brings over twenty years of experience building, exiting, and advising businesses. As an active member for the past two years, he now joins the leadership team to help drive the Club’s growth and engagement across the province.