ADF Group (DRX.TO): The Backbone of America's Biggest Builds

In this Business Breakdown, David Barbato and co-host Sébastien Charland, President of Agave Capital, sit down with ADF Group’s (DRX.TO) CFO Jean-François Boursier. The company was originally profiled by "Flipper" on February 16, 2021, at $1.72 CAD per share, representing a gain of 735% since then.

This discussion took place live on June 18th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 

Jean-François Boursier is the CFO of ADF Group, a Quebec-based fabricator of complex steel structures with plants in Terrebonne, Great Falls, Montana, and the Lac-Saint-Jean region. After nearly 16 years at ADF, he's set to retire at the end of 2026, and this Business Breakdown covers where the company stands heading into that transition.

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Chapters

00:00 Introduction to ADF Group and Leadership

03:31 Overview of ADF Group's History and Operations

14:01 Financial Highlights and Market Positioning

22:33 Future Growth and Strategic Acquisitions

28:32 Q&A Session: Backlog and Tariff Impacts

40:40 Understanding the Family Buyback Dynamics

51:39 Leadership Transition and Future Outlook

57:17 Market Demand and Strategic Positioning

01:07:57 Consolidation Opportunities in the Industry

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