CRH to buy US fencing maker Barrette in $1.9bn deal

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CRH (CDI)

7,296.00p

14:40 05/11/24

-0.57%

-42.00p

Building materials group CRH has agreed to buy North American fencing and railing solutions provider Barrette from TorQuest Partners and Caisse de dépôt et placement du Québec (CDPQ) for $1.9bn.

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CRH said the deal, which follows the recent divestment of its Building Envelope business, "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 pre-tax profit of $79m and gross assets of $1.2bn.

CRH chief executive Albert Manifold 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."

The transaction is expected to close in the second half of the year.

At 1000 BST, the shares were up 2.5% at 3,315p.