St. Margrethen, Switzerland—Switzerland-based Bauwerk Group AG has acquired Somerset Hardwood Flooring.
Somerset Hardwood Flooring, with a reported $163 million in revenue, is a vertically integrated forest products company based in Somerset, KY. Globally, Bauwerk employs 1,600 and reports annual sales of $300 million. The group has production sites in Switzerland, Lithuania, and Croatia. The combined firms are $400 million-plus turnover with 120 million square feet of production volume, reports a legal team that advised on the deal,
Bauwerk Group’s existing North American operations are headed by Dan Natkin, formerly with Mannington, who was named CEO/managing director of Bauwerk Group for North America in October 2021.
Somerset Hardwood Flooring has an established brand and market position in the U.S. for its solid hardwood flooring. It joins Bauwerk Parquet and Boen as part of the Bauwerk Group and will operate under its own brand. As part of Bauwerk Group, Somerset can access hardwood and parquet flooring lines from Bauwerk, which also brings expertise in multi-layer engineered hardwood flooring to the deal.
“With Somerset Hardwood Flooring, we have found the ideal partner for Bauwerk Group AG’s U.S. expansion,” says Patrick Hardy, CEO and president. Hardy, who joined Bauwerk in January 2022, says, “We are pleased to be able to continue the success story of Somerset Hardwood Flooring and the legacy of founder Steve Merrick.”
Paul Stringer is the new CEO/president for Somerset. He had been VP of sales and marketing. Former owner Merrick keeps remaining operations Merrick Hardwoods, Inc.; Somerset Biofuel, Inc. (d/b/a Somerset Pellet Fuel); Kentucky Hardwood Lumber Company, Inc.; and Interstate Hardwoods, Inc. Additionally, the Merrick companies will continue to manufacture and market an unfinished solid wood flooring brand.