Building materials group CRH to acquire Barrette for almost €1.8bn

Today's announcement follows the recent divestment of CRH's Building Envelope business.

Building materials group CRH will acquire Barrette Outdoor Living, Inc for $1.9bn (€1.76bn), it announced today.

The group will purchase the North American firm from TorQuest Partners and Caisse de dépôt et placement du Québec (CDPQ).

CRH said the acquisition demonstrated "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 divestment of CRH's Building Envelope business.

Barette, an outdoor living manufacturer, reported profit before tax of $79m (€73.5m) and gross assets of $1.2bn (€1.12bn) for the 2021 financial year. 

The acquisition is expected to close in the second half of this year following regulatory approval and is set to be financed by existing financial resources, according to CRH. 

Albert Manifold, Chief Executive, 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," 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 throughout the United States.