REG - CRH PLC - CRH agrees $1.9bn acquisition of Barrette

CRHAnnouncement

06/06/2022 08:00

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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 (http://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
(http://www.barretteoutdoorliving.com/) .

 

Registered Office: No 12965. Registered Office: 42 Fitzwilliam Square, Dublin
2, R02 R279, Ireland

 

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