Irish building materials giant CRH has completed its acquisition of US residential fencing and railing company Barrette Outdoor Living for $1.9 billion (€1.87 billion).
The company announced the purchase of Barrette Outdoor Living from Canadian private equity firms TorQuest Partners and Caisse de Dépôt et Placement du Québec on Monday.
The deal, first announced in June, was paid for with cash of $1.85 billion and about $40 million of capitalised lease liabilities.
At the time, CRH chief executive Albert Manifold described Barrette, which is headquartered in Ohio, as “an excellent addition” to the company. CRH said the deal represents an acquisition multiple of 10 in terms of earnings before interest, taxes, depreciation and amortisation pre-synergies.
Barrette reported profit before tax of $79 million and gross assets of $1.2 billion for the year ended January 1st, 2022.
Describing Barrette as “North America’s leading provider of residential fencing and railing solutions”, CRH said on Monday that it was pleased to announce the transaction has been completed. The transaction follows the recent divestment of CRH’s building envelope business.