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ADF Group (DRX) investor relations material
ADF Group M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Deal rationale and strategic fit
Acquisition expands presence in hydroelectric and heavy industry sectors, supporting a pan-Canadian growth plan and leveraging market tailwinds in renewable energy infrastructure.
Enables diversification of product and market reach, reducing exposure to U.S. market volatility and shifting backlog mix from 80/20 U.S./Canada to a projected 40/60 by 2027.
Provides access to key client certifications and blue-chip relationships, supporting participation in major projects.
LAR's strong order backlog and robust project pipeline align with recurring revenue targets and growth objectives.
Both entities share common values and expertise, targeting growth in consolidated revenues and shareholder value.
Financial terms and conditions
Total purchase price of $20.4 million, including $16.4 million in cash (with $1.4 million working capital adjustment) and $4 million in Subordinate Voting Shares.
Transaction closed on September 18, 2025, with purchase price allocation to be finalized in October 2025 interim financials.
Acquisition completed via a reverse vesting order, resulting in a debt-free balance sheet and exclusion of non-essential assets.
Synergies and expected cost savings
Operational synergies expected through best practice sharing, increased fabrication capacity, and modernization of equipment.
Terrebonne plant and integration of production, bidding, and financial ERPs will maximize internal efficiencies and supply chain benefits.
Integration expected to double LAR's fabrication capacity and positively impact net results.
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