Switzerland-primarily based Bauwerk Team AG has obtained Somerset Hardwood Flooring, a vertically integrated forest goods enterprise based mostly in Somerset, Kentucky, helpful May well 1. Aspects of the acquisition had been not disclosed.
With the acquisition, Bauwerk Group AG claimed it strengthens its world profile and gains a more powerful foothold in the expanding North American flooring markets.
In a assertion, Bauwerk termed the two providers “complementary in character.” Somerset Hardwood Flooring has an founded brand name and market place position in the U.S. with a strong existence in the pertinent revenue channels. Recognized for its solid hardwood flooring, Somerset will be ready to profit from Bauwerk Group’s skills in multilayer engineered hardwood flooring. The businesses will also advantage from a joint specialization in hardwood flooring, their shared DNA in creation, and a mutual concentrate on quality items. The put together firm is creating alone as the worldwide marketplace chief in good quality hardwood flooring with a geographically effectively-diversified turnover of above $400 million at a production quantity of over 120 million square ft.
“With Somerset Hardwood Flooring, we have found the excellent associate for Bauwerk Team AG’s U.S. enlargement. All the needs we have established for acquisition, such as excellent market place positioning, have manufacturing, and a in shape in conditions of values and folks, implement to Somerset Hardwood Flooring,” mentioned Patrick Hardy, CEO and president of Bauwerk Group. “We are delighted to be capable to continue on the success tale of Somerset Hardwood Flooring and the legacy of founder Steve Merrick.”
“Both events carry key productive attributes to the desk, when combined, will allow only bolster the next actions for both equally providers,” explained Somerset’s proprietor Steve Merrick of the transaction. “Under the leadership of the Bauwerk Team, Somerset Hardwood Flooring will be capable to more develop its strengths and place by itself for even a lot more progress in the upcoming.”
The Somerset Hardwood Flooring brand will remain and complement the other brand names in the Bauwerk Group portfolio (Bauwerk Parquet and Boen), with all three manufacturers retaining their respective regional focuses and product identities. Bauwerk Group can rely on the demonstrated management team at Somerset Hardwood Flooring, led by extensive-time Somerset Hardwood Flooring VP gross sales & advertising Paul Stringer as the new CEO/president.
Merrick will keep on to possess and function his other forest solutions 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 Corporation, Inc. and Interstate Hardwoods, Inc. Furthermore, the Merrick organizations will carry on to manufacture and market place their unfinished sound wooden flooring manufacturer.