CRH PLC CRH agrees $1.9bn acquisition of Barrette (6725N)
06 Giugno 2022 - 8:51AM
UK Regulatory
TIDMCRH
RNS Number : 6725N
CRH PLC
02 June 2022
Press Release
CRH agrees $1.9bn acquisition of Barrette Outdoor Living
CRH plc, the global leader in building materials solutions,
announces that it has reached an agreement with TorQuest Partners
and Caisse de dépôt et placement du Québec (CDPQ) to acquire
Barrette Outdoor Living, Inc. ("Barrette"), North America's leading
provider of residential fencing and railing solutions for an
enterprise value of $1.9 billion(1) , representing an acquisition
multiple of c.10x EBITDA pre-synergies.
The transaction follows the recent divestment 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 the efficient allocation and reallocation
of capital.
For the year ended 1 January 2022, Barrette reported profit
before tax of $79 million and gross assets of $1.2 billion. The
transaction will be financed through existing financial resources
and subject to regulatory approval is expected to close in the
second half of 2022.
Albert Manifold, Chief Executive of CRH, commented: "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. We welcome the Barrette team to CRH
and look forward to working with them on the next phase of our
growth and development."
(1) Comprising cash consideration of $1.85 billion and c.$40
million of capitalised lease liabilities.
****
Contact CRH at Dublin 404 1000 (+353 1 404 1000)
Albert Manifold Chief Executive
Jim Mintern Finance Director
Frank Heisterkamp Director of Capital Markets
& ESG
Tom Holmes Head of Investor Relations
About CRH
CRH (LSE: CRH, ISE: CRG, NYSE: CRH) is the leading building
materials business in the world, employing c.71,000 people at
c.3,200 operating locations in 28 countries. It is the largest
building materials business in North America and Europe and also
has regional positions in Asia. CRH manufactures and supplies a
range of integrated building materials, products and innovative
solutions which can be found throughout the built environment, from
major public infrastructure projects to commercial buildings and
residential structures. A Fortune 500 company, CRH is a constituent
member of the FTSE 100 Index, the EURO STOXX 50 Index, the ISEQ 20
and the Dow Jones Sustainability Index (DJSI) Europe. CRH's
American Depositary Shares are listed on the NYSE. For more
information visit www.crh.com .
About Barrette
Barrette Outdoor Living empowers homeowners to bring their
personal outdoor space to life - however they envision it - by
providing fencing, railing, decking and complementary outdoor
products that beckon people to embrace their Outside Side(TM) .
Barrette Outdoor Living is proud to be an American manufacturer,
with 14 locations throughout North America that provide outdoor
products sold through specialty retailers, homecenters and
lumberyards. Featuring more than 70 patents, proprietary
state-of-the-art machinery and rigorous testing and control
standards, Barrette Outdoor Living products are meticulously
engineered, designed for flexibility and ease of installation. For
more information visit www.barretteoutdoorliving.com .
Registered Office: No 12965. Registered Office: 42 Fitzwilliam
Square, Dublin 2, R02 R279, Ireland
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