ADF Group has completed its previously announced acquisition of Groupe LAR and certain subsidiaries, a transaction designed to expand its operations in the steel fabrication industry.
The Canadian-listed company confirmed the finalisation of the C$19m ($13.7m) deal, which includes an additional closing adjustment associated with working capital.
The payment structure comprises C$15m ($10.8m) in cash, which is funded from ADF’s available cash reserves. It also includes the issuance of 449,944 subordinate voting shares valued at C$4m ($2.9m).
This is based on the average closing price of ADF’s shares on the Toronto Stock Exchange over five trading days preceding 29 August 2025.
Founded in 1942, Groupe LAR operates out of Métabetchouan in Quebec’s Saguenay-Lac-Saint-Jean region. The company is active in sectors including machining, welding, and industrial mechanics.
It is engaged in designing, manufacturing, and installing mechanically welded steel structures, with a primary emphasis on supplying large-scale hydroelectricity projects.
In addition to this focus, Groupe LAR provides customised overhead crane solutions for heavy industry clients. In its financial year ending 31 December 2024, Groupe LAR reported revenue of C$80.9m ($58.5m) and held an order backlog totalling C$104.5m ($75.5m) as of 31 July 2025.
The order book is expected to be progressively realised prior to the conclusion of ADF’s fiscal year on 31 January 2027.
The acquisition was structured through a reverse vesting order, which received the Superior Court of Quebec’s (Cour supérieure du Québec) approval as part of Groupe LAR’s restructuring process under the Companies’ Creditors Arrangement Act (Canada). Proceedings took place under court supervision, with a monitor appointed by the court.
Completion of the transaction followed the court’s issuance of the reverse vesting order, allowing ADF Group to assume ownership while certain elements of Groupe LAR’s existing corporate structure were restructured.
ADF Group, listed on the Toronto Stock Exchange under the symbol DRX, specialises in steel superstructure fabrication across North America. The integration of Groupe LAR is expected to further develop its capabilities and market presence within infrastructure sectors that require complex steel assemblies.
