Building materials group CRH will acquire Barrette Outdoor Living, Inc for $1.9 billion (€1.76 billion), it announced today.
The group will buy the North American company from TorQuest Partners and the Caisse de dépôt et placement du Québec (CDPQ).
CRH said the acquisition demonstrates “the Group’s strategy to create shareholder value through active portfolio management and the efficient allocation and reallocation of capital.”
Today’s announcement follows the recent sale of CRH’s Building Envelope business.
Barette, a maker of outdoor living items, reported pre-tax profit of $79 million (73.5 million euros) and gross assets of $1.2 billion (1.12 billion euros). euros) for the 2021 financial year.
The acquisition should be finalized in the second half of this year after regulatory approval and should be financed by existing financial resources, according to CRH.
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,” he added.
CRH Group was established in 1970 and has operated in Ireland ever since. The group currently employs approximately 71,000 people.
Barette is headquartered in Ohio and has ten manufacturing facilities across the United States.