Irish building materials firm CRH, said it had agreed to buy Barrette Outdoor Living, North America’s leading provider of residential fencing and railing solutions, for an enterprise value of $1.9 billion.
The acquisition follows the $3.8 billion sale by CRH this year of its U.S.-based glass product manufacturing unit. It said the deal for Ohio-based Barrette represented an acquisition multiple of about 10 times core earnings, pre-synergies.
CRH, the world’s second-largest building materials supplier, has concentrated on smaller, bolt on acquisitions since it bought U.S.-based Ash Grove Cement for $3.5 billion in 2018.
Source: Reuters.com