CRH 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 US$1.9 billion.
The transaction follows the recent divestment of CRH’s Building Envelope business and demonstrates the continued execution of the Irish building materials 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, 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, said: “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.”
