Bain has bought CRH’s clay and concrete businesses in the United Kingdom and its clay business in the United States in a deal worth £414m.

The companies involved are Ibstock in the UK and Glen Gery in the US, as well as UK concrete products companies Forticrete and Supreme Concrete.

The combined businesses generated a pre-tax profit of £16m in 2013.

CRH said: “The transaction is subject to regulatory approvals and is expected to close in H1 2015.”

Ibstock has been making bricks since 1830 and became part of the CRH Group in 1999.

The firm has 24 brick and paver plants across the country with an annual capacity in excess of 900 million bricks.

Ibstock employs a total of 1960 people across the UK.

Bain Capital has invested in more than 270 firms since its inception in 1984.

The news came as rival Michelmersh told the City it expects bumper profits this year.

In a trading update the firm said: “The Board is pleased to announce that strong trading conditions have continued late into 2014 and both brick volumes and selling prices are better than expected.

“As a consequence, the Group is likely to exceed the market expectations of turnover and profit before taxation for the year.”