(Bloomberg) -- The owners of Barrette Outdoor Living Inc. are considering an initial public offering that could value the business at more than $1 billion, according to people with knowledge of the matter.

Canadian private equity firm Torquest Partners and pension fund Caisse de Depot et Placement du Quebec have held preliminary talks with advisers about taking Barrette public this year, said the people, who asked not to be identified because they weren’t authorized to speak publicly. A final decision on pursuing an IPO hasn’t been made and the firms could decide to keep the Middleburg Heights, Ohio-based business.

Representatives for Torquest and Barrette didn’t respond to requests for comment. A spokesperson for CDPQ declined to comment. 

The possible listing comes amid a sluggish start to 2022, with rising interest rates, slowing economic growth and geopolitical tensions giving investors pause. So far this year, 29 companies, not including blank-check firms, have raised $2.6 billion in U.S. IPOs, according to data compiled by Bloomberg. That’s down from 91 raising almost $32 billion at this point in 2021.

Torquest and CDPQ announced a majority investment in Barrette in November 2020 with the former owner, Les Entreprises Barrette Ltee, retaining a minority interest, according to a statement at the time. Barrette makes and sells products including vinyl, aluminum and steel fences and railings, as well as composite decking, according to its website.

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