TorQuest and CDPQ invest in Barrette Outdoor Living

TorQuest Partners and Caisse de dépôt et placement du Québec has made a majority investment in Ohio-based Barrette Outdoor Living Inc, a manufacturer of wood-alternative fence and railing products.

TorQuest Partners and Caisse de dépôt et placement du Québec have made a majority investment in Ohio-based Barrette Outdoor Living Inc, a manufacturer of wood-alternative fence and railing products. No financial terms were disclosed. TorQuest and CDPQ are partnering in the deal with BOL’s owner, Quebec-based Les Entreprises Barrette, which will retain a minority stake. Moelis & Company and PricewaterhouseCoopers Corporate Finance served as financial advisors to BOL on the transaction.

PRESS RELEASE

QUÉBEC and Ontario and MIDDLEBURG HEIGHTS, Ohio, Nov. 3, 2020 /PRNewswire/ – TorQuest Partners (“TorQuest”) and Caisse de dépôt et placement du Québec (“CDPQ”) today announced a majority investment in Barrette Outdoor Living Inc. (“BOL” or the “Company”), North America’s leading manufacturer of wood-alternative fence and railing products. TorQuest and CDPQ are partnering in this transaction with BOL’s owner, Les Entreprises Barrette Ltée, who will retain a significant minority interest in the Company, and BOL’s management team, led by CEO Jean desAutels. Terms of the transaction were not disclosed.

BOL manufactures and sells vinyl, aluminum and steel fence and railing; composite decking; and other outdoor products sold through specialty retailers, home centers and lumberyards. The Company’s scale, vertically-integrated operations, and broad portfolio of fence, railing and decking systems have driven a consistent history of distribution channel penetration and market share gains in its core outdoor living repair and remodeling market. BOL has also grown through acquisitions, which have expanded the Company’s geographic reach and built its product portfolio into the most comprehensive in the industry.

Jonathan Fraser, Partner at TorQuest, said: “This investment continues our well-established strategy of building relationships with successful Canadian entrepreneurs to support ownership transitions. BOL has experienced exceptional growth over the past decade due to its unparalleled operational capabilities and its industry-leading customer service levels. We believe the business is well-positioned to capitalize on the attractive industry dynamics in the North American outdoor living sector and we look forward to partnering with the BOL team to drive the business through its next phase of growth.” This is the tenth Fund IV platform investment for TorQuest, which recently closed its fifth fund, TorQuest Partners Fund V, with $1.375 billion of committed capital.

Kim Thomassin, CDPQ’s Executive Vice-President and Head of Investments in Québec and Stewardship Investing, added: ” With this transaction, CDPQ is delighted to support Les Enterprises Barrette, a successful Québec company, with its evolution and development plan. Thanks to its ambitious growth strategy and numerous transformative acquisitions, BOL is now a North American leader in a fast-growing industry. CDPQ’s investment and support will help accelerate the company’s expansion in the coming years, securing its position as a leader.”

CEO Jean desAutels, said, “I am extremely proud of the accomplishments of the BOL team and believe it is the right time, and TorQuest and CDPQ are the right partners, to help build the business from here. BOL has a great foundation and is ready for its next stage of growth.”

Moelis & Company LLC and PricewaterhouseCoopers Corporate Finance Inc. served as financial advisors to BOL on the transaction.

About Barrette Outdoor Living Inc.
Barrette Outdoor Living is the leading North American supplier of exterior home products to the residential market. Barrette Outdoor Living produces vinyl, aluminum and steel fence and railing; composite decking; and other outdoor products sold through specialty retailers, home centers and lumberyards. Barrette Outdoor Living employs more than 2,000 people at 10 locations throughout the United States. For more information, visit www.barretteoutdoorliving.com.

About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than CA$3 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund IV, a CA$925 million fund that closed in June 2016. In March 2020, TorQuest announced the closing of TorQuest Partners Fund V at CA$1.375 billion. TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, please visit www.torquest.com.

About Caisse de dépôt et placement du Québec
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and para-public pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit www.cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.