Barrette Outdoor Living, a Middleburg Heights, Ohio company that manufactures composite decking and vinyl, aluminum and steel fences and railings, is officially in new ownership.
Canadian private equity firm TorQuest Partners and pension fund Caisse de Dépôt et Placement du Québec (CDPQ), which had held a majority stake in Barrette since November 2020, announced on July 11 that they had completed the sale of the company to Irish building materials company CRH plc’s Oldcastle APG Company. The deal has an enterprise value of nearly $1.9 billion, comprising cash consideration of $1.85 billion and approximately $40 million of capitalized lease obligations.
Oldcastle also produces outdoor living and building materials including concrete masonry, bagged dry mix, lawn and garden products and composite decking.
Oldcastle said in its own statement that the acquisition of Barrette “will expand opportunities for customers to access end-to-end architectural solutions.”
Barrette, founded in 1975, has 10 manufacturing plants and four distribution sites in the United States and Canada, according to the Oldcastle release. A March report from rating agency Moody’s said Barrette in the 12-month period ended September 30, 2021, “generated approximately $707 million in revenue.”
Jean desAutels, CEO of Barrette, said in the TorQuest/CDPQ statement that these companies “have been ideal partners for us. Their commitment to investing in our business and our people has provided Barrette with a solid platform for continued growth. and continued success. We are thrilled with the success of our partnership with TorQuest and CDPQ and excited about the next chapter in our business evolution as part of CRH.”
CRH has approximately 73,000 employees in 28 countries.