CRH acquires Barrette Outdoor Living Inc.

Dublin, Ireland — CRH plc, a supplier of building materials, has reached an agreement with TorQuest Partners and Caisse de depot et placement du Québec (CDPQ) to acquire Barrette Outdoor Living Inc., North America’s leading provider of fencing and railing solutions residential properties for an enterprise value of $1.9 billion1, which represents an acquisition multiple of approximately 10 times EBITDA before synergies.

The transaction follows the recent sale 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 efficient allocation and reallocation of capital.

CRH said it was the world’s leading building materials company, employing 71,000 people at 3,155 sites in 28 countries. CRH is the largest building materials company in North America and Europe and also has regional positions in Asia.

For the fiscal year ended Jan. 1, 2022, Barrette reported pretax income of $79 million and gross assets of $1.2 billion. The transaction will be financed from existing financial resources and, subject to regulatory approvals, is expected to close in the second half of 2022.

Albert Manifold, Managing Director of CRH, said: “Barrette is a great addition to CRH. Our architectural products business has been one of our fastest growing businesses over the past few 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 greater value for our customers, our business and our shareholders. We welcome Barrette’s team to HRC and look forward to working with them on the next phase of our growth and development.