Irish building materials company CRH has agreed to acquire Barrette Outdoor Living, a Middleburg Heights, Ohio-based provider of residential fencing and railing solutions. The deal, expected to close in the second half of this year, is valued at $1.9 billion. The sellers are TorQuest Partners and Caisse de dépôt et placement du Québec, which acquired Barrette in 2020 from Quebec-based Les Entreprises Barrette.
DUBLIN, IRELAND / ACCESSWIRE / June 3, 2022 / CRH plc, the global leader in building materials solutions, announces that it has reached an agreement with TorQuest Partners and Caisse de dépôt et placement du Québec (CDPQ) to acquire Barrette Outdoor Living, Inc. (“Barrette”), North America’s leading provider of residential fencing and railing solutions for an enterprise value of $1.9 billion1, representing an acquisition multiple of c.10x EBITDA pre-synergies.
The transaction follows the recent divestment of CRH’s Building Envelope business and demonstrates the continued execution of the Group’s strategy to create shareholder value through active portfolio management and the efficient allocation and reallocation of capital.
For the year ended 1 January 2022, Barrette reported profit before tax of $79 million and gross assets of $1.2 billion. The transaction will be financed through existing financial resources and subject to regulatory approval is expected to close in the second half of 2022.
Albert Manifold, Chief Executive of CRH, commented: “Barrette is an excellent addition to CRH. Our Architectural Products business has been one of our fastest growing businesses in recent years and the acquisition of Barrette complements and enhances our existing offering of sustainable outdoor living solutions in North America. It also demonstrates the continued execution of our integrated solutions strategy to create further value for our customers, our business and our shareholders. We welcome the Barrette team to CRH and look forward to working with them on the next phase of our growth and development.”
1Comprising cash consideration of $1.85 billion and c.$40 million of capitalised lease liabilities.
CRH (LSE: CRH, ISE: CRG, NYSE: CRH) is the leading building materials business in the world, employing c.71,000 people at c.3,200 operating locations in 28 countries. It is the largest building materials business in North America and Europe and also has regional positions in Asia. CRH manufactures and supplies a range of integrated building materials, products and innovative solutions which can be found throughout the built environment, from major public infrastructure projects to commercial buildings and residential structures. A Fortune 500 company, CRH is a constituent member of the FTSE 100 Index, the EURO STOXX 50 Index, the ISEQ 20 and the Dow Jones Sustainability Index (DJSI) Europe. CRH’s American Depositary Shares are listed on the NYSE. For more information visit www.crh.com.
Barrette Outdoor Living empowers homeowners to bring their personal outdoor space to life – however they envision it – by providing fencing, railing, decking and complementary outdoor products that beckon people to embrace their Outside SideTM. Barrette Outdoor Living is proud to be an American manufacturer, with 14 locations throughout North America that provide outdoor products sold through specialty retailers, homecenters and lumberyards. Featuring more than 70 patents, proprietary state-of-the-art machinery and rigorous testing and control standards, Barrette Outdoor Living products are meticulously engineered, designed for flexibility and ease of installation. For more information visit www.barretteoutdoorliving.com.