Bauwerk Group (Boen) Acquires Somerset Hardwood

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St. Margrethen, Switzerland, Might 2, 2022-Swizerland-based Bauwerk Group AG has announced the acquisition of Somerset Hardwood Flooring, a vertically built-in forest items firm based in Somerset, Kentucky, powerful May perhaps 1. 

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With the acquisition, Bauwerk Team AG strengthens its world wide profile and gains a much better foothold in the expanding North American flooring markets. The transaction is characterized by the strongly complementary mother nature of the two corporations. Somerset Hardwood Flooring has an founded manufacturer and market place in the U.S. with a strong existence in the related product sales channels. Regarded for its stable hardwood flooring, Somerset Hardwood Flooring will be capable to gain from Bauwerk Group’s expertise in multilayer engineered hardwood flooring. The corporations will also profit from a joint specialization on hardwood flooring, their shared DNA in manufacturing and a mutual concentration on high-quality products and solutions. The mixed firm is developing by itself as the global industry leader in excellent hardwood flooring with a geographically perfectly diversified turnover of around $400M at a output quantity of about 120 million square toes.

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In October, Dan Natkin, formerly with Mannington, was named CEO/taking care of director of Bauwerk Group for North The united states. 

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“With Somerset Hardwood Flooring, we have located the great husband or wife for Bauwerk Group AG’s U.S. enlargement. All the demands we have established for an acquisition, these kinds of as excellent marketplace positioning, own output and a in good shape in terms of values and persons, utilize to Somerset Hardwood Flooring,” states Patrick Hardy, CEO and president of Bauwerk Group. “We are delighted to be ready to go on the success tale of Somerset Hardwood Flooring and the legacy of founder Steve Merrick.”

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The Somerset Hardwood Flooring manufacturer will remain and complement the other manufacturers in the Bauwerk Group portfolio (Bauwerk Parquet and Boen), with all a few brands retaining their respective regional focuses and products identities. Bauwerk Group can count on the confirmed administration workforce at Somerset Hardwood Flooring, led by very long-time Somerset Hardwood Flooring VP sales & marketing Paul Stringer as the new CEO/president.

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Merrick will carry on to own and function his other forest products organizations in the neighborhood, which include Somerset Hardwood Lumber (which will come to be Merrick Hardwoods, Inc.) Somerset Biofuel, Inc. (d/b/a Somerset Pellet Gasoline) Kentucky Hardwood Lumber Organization, Inc. and Interstate Hardwoods, Inc. On top of that, the Merrick corporations will continue on to manufacture and industry their unfinished strong wooden flooring brand.

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The get-togethers agreed not to disclose fiscal specifics of the transaction.

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Bauwerk Team, headquartered in St. Margrethen, Switzerland is one of primary providers in the European Parquet industry with a turnover of close to CHF 300 million and about 1,600 staff. The group owns the brands of Bauwerk Parkett and Boen and has output web pages in Switzerland, Lithuania, and Croatia. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as lawful counsel to Bauwerk Team.

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Somerset Hardwood Flooring was founded in 1990 by Steve Merrick and is the fourth largest hardwood participant in the U.S. with estimated gross sales of $163 million. Generation can take put at the major plant in Somerset, Kentucky, and the manufacturing facility in Crossville, Tennessee with nationwide distribution by the leading distributors in the U.S. 

Associated Matters:Mannington Mills, The Worldwide Area Occasion (TISE), Crossville

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