Barrette Outdoor Living, a Middleburg Heights, Ohio, company that makes composite decking and vinyl, aluminum and steel fences and railings, is officially in the hands of new owners.
Canadian private equity firm TorQuest Partners and pension fund Caisse de Depot et Placement du Quebec (CDPQ), which had held a majority stake in Barrette since November 2020, announced July 11 it had completed sale of the company to Irish building materials company CRH plc's Oldcastle APG business. The deal has an enterprise value of nearly $1.9 billion, comprising cash consideration of $1.85 billion and about $40 million of capitalized lease liabilities.
Oldcastle also produces outdoor living and building materials, including concrete masonry, bagged dry mixes, lawn and garden products, and composite decking
Oldcastle said in its own release that the Barrette acquisition will "expand opportunities for customers to access end-to-end architectural solutions."
Barrette, founded in 1975, has 10 manufacturing facilities and four distribution sites across the U.S. and Canada, according to the Oldcastle release. A March report from the Moody's rating agency stated that Barrette in the 12-month period ended Sept. 30, 2021, "generated roughly $707 million in revenue."
Jean desAutels, CEO of Barrette, said in the TorQuest/CDPQ release that those firms "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 success. We are delighted with the success of our partnership with TorQuest and CDPQ and excited about the next chapter of our business evolution as part of CRH."
CRH has about 73,000 employees in 28 countries.