Bauwerk Group makes Major North American Acquisition
Bauwerk Group has purchased Somerset Hardwood Flooring for an undisclosed financial amount.
The acquisition strengthens the Swiss-based company’s presence in the North American hardwood flooring market.
“With Somerset Hardwood Flooring, we have found the ideal partner for Bauwerk Group’s U.S. expansion,” says Bauwerk Group CEO and president Patrick Hardy. “All the requirements we have set for an acquisition, such as good market positioning, own production and a fit in terms of values and people apply to Somerset Hardwood Flooring.”
Somerset Hardwood Flooring has an established brand and market position in the U.S., and is known for its solid hardwood flooring. The company is expected to benefit from Bauwerk’s expertise in multilayer engineered hardwood flooring.
“Under the aegis of Bauwerk Group, Somerset Hardwood Flooring will be able to further play to and accentuate its strengths,” says Somerset Hardwood Flooring founder Steve Merrick.
The Somerset Hardwood Flooring brand will remain and complement the other brands in the Bauwerk Group portfolio (Bauwerk Parquet and Boen), with all three brands retaining their respective regional focuses and product identities.
Merrick will still own and operate his other forest products businesses in the community, including Somerset Hardwood Lumber Inc., which will become Merrick Hardwoods Inc., Somerset Biofuel Inc. (doing business as Somerset Pellet Fuel), Kentucky Hardwood Lumber Company Inc. and Interstate Hardwoods Inc. Additionally, the Merrick companies will carry on manufacturing and marketing their unfinished solid wood flooring brand.
“We are pleased to be able to continue the success story of Somerset Hardwood Flooring and the legacy of founder Steve Merrick,” says Hardy.
With the transaction, the combined company is establishing itself as the global market leader in quality hardwood flooring with a geographically well diversified turnover of more than $400 million at a production volume of more than 120 million square feet.