Bauwerk group has announced its acquisition of Somerset Hardwood Flooring, based in Somerset, Kentucky, US, thus strengthening the company’s global profile and foothold in the growing flooring markets in the US and Canada.
Somerset Hardwood Flooring specialises in solid hardwood flooring, with a strong market position in the US, and will benefit from Bauwerk’s specialty in multilayer engineered flooring.
Combined together, the two companies reportedly will have a turnover of around CHF400 million at a production volume of more than 11.5 million square metres.
“With Somerset Hardwood Flooring, we have found the ideal partner for Bauwerk group’s North American expansion. All the requirements we have set for an acquisition, such as good market positioning, production capacity, high quality, and a fit in terms of values and people, apply to Somerset,” stated Patrick Hardy, CEO and president of Bauwerk group. “We are pleased to be able to continue the success story of Somerset Hardwood Flooring and the legacy of founder Steve Merrick.”
“Both parties bring key successful attributes to the table, when combined, will enable only strengthen the next steps for both companies,” stated Steve Merrick, owner of Somerset, about the transaction. “Under the leadership of the Bauwerk group, Somerset Hardwood Flooring will be able to further expand its strengths and position itself for even more growth in the future.”
The other two brands within Bauwerk, Bauwerk Parquet and Boen, will remain and complement the Somerset Hardwood Flooring, with all three brands retaining their respective regional focuses and product identities.
The parties agreed not to disclose financial details of the transaction.