EGS Beteiligungen takes over all the shares of Bauwerk Boen Group from ZM Opportunity II L.P., a fund advised by Patrimonium Private Equity (formerly Zurmont Madison Private Equity), to become a long-term majority shareholder with 64,8% of the equity capital. Johan G. Olsen Group, a norwegian conglomerate, will remain shareholder with its current stake of 33,2%. With this transaction, following its transition into Europe’s leading parquet flooring company, Bauwerk Boen Group becomes a major investment within EGSB‘s portfolio.
Bauwerk Parkett was originally founded by Ernst Göhner in 1944 and has since evolved from a regional player into Europe’s leading developer, manufacturer and supplier of parquet flooring in the premium segment as well as the second-largest market participant in wood flooring. This was possible not least thanks to the takeover of Bauwerk Parkett by Zurmont Madison Private Equity and EGSB in 2009. The commitment and financial investment by these partners created the prerequisite for Bauwerk‘s international expansion and growth strategy, including the 2013 merger with Norwegian Boen to found the Bauwerk Boen Group. Volumes increased from 3.5 million square meters in 2010 to over 9.5 million square meters annually. The Bauwerk Boen Group today offers a complementary portfolio of two- and three-layer parquets as well as wooden sports flooring under the two brands Bauwerk and Boen.
The Bauwerk Boen Group management team will remain unchanged under the long-term aegis of ceo Klaus Brammertz and there will be no changes to the successful group strategy. Brammertz is convinced “that with the measures we have implemented over the past years, including production optimization and efficiency measures, the Bauwerk Boen Group is well positioned to continue on the growth path, gain further market shares and achieve sustainable profit improvements“. Following the merger of the two companies Bauwerk Parkett and Boen, the group relocated production from Salzburg (A) to Kietaviškės (Lithuania), invested into the modernisation of the St. Margrethen (CH) facilities and is currently building up a state-of-the-art parquet factory in Croatia to secure sustainable raw materials’ supply as well as realise better capacity utilization.
Werner Schnorf, managing director of Patrimonium Private Equity and Chairman of Bauwerk Boen Group, commented: “It was an exciting challenge to accompany and support the development of the Bauwerk Boen Group into a new dimension over the past 8 years. According to our buy and build strategy, we provided financial backing and our industrial know-how to consequently develop Bauwerk Parkett from a niche player with a regional reach into Bauwerk Boen as a leading pan-European parquet flooring manufacturer. As the Group now has the size and stability to successfully execute on the strategic path taken, we are happy to pass our shareholding onto a committed partner who will continue to support the Group in its further development“.
Dominik Sauter, managing director of EGSB added: “Having been a co-owner since 2009 and supporting the company in its international expansion strategy, we now look forward to accompany Bauwerk Boen Group as a long-term oriented majority shareholder into the next development phase. We are convinced that the company will be able to further successfully build on its strong position and achieve sustainable profitability in an overall healthy market development“.