Patrimonium exits Bauwerk Boen Group

Bauwerk was originally founded by Ernst Göhner in 1944, and Patrimonium partnered with the late entrepreneur's investment foundation EGSB to jointly acquire the company from Nybron Flooring International Corporation in 2009.

Patrimonium previously operated as Zurmont Madison Private Equity and drew equity from its CHF 250m fund, Zurmont Madison Private Equity LP, for the original acquisition, taking a 55% stake, while EGSB took 45%. This vehicle was restructured in January 2017 in a process led by Park Hill. Some assets, including Bauwerk, were rolled over into the new vehicle, ZM Opportunity II.

The company has grown from employing 550 people in 2009 to 1,900 in 2016. Business volumes nearly tripled during that time, resulting in sales of CHF 280m for 2016.

The management team will remain unchanged following the transaction with Klaus Brammertz, CEO since 2009, staying on in his role.

Previous funding
After jointly acquiring Bauwerk in 2009, Patrimonium and EGSB merged it with Norway-based Boen to form the Bauwerk Boen group in March 2013. The majority of the deal was financed by a CHF 65m public bond issued by the new company in March 2013.

Company
Bauwerk Boen is a developer, manufacturer and supplier of parquet flooring headquartered in St Margrethen, Switzerland. It offers two- and three-layer parquets as well as wooden sports flooring under the Bauwerk and Boen brands. The key markets are the DACH and Nordic regions, the UK, France, China and the US, where the company has local subsidiaries. The group generated a net turnover of CHF 280 million in 2016 and employed 1,900 people.

People
Patrimonium Private Equity – Werner Schnorf (managing director).
Bauwerk Boen Group – Klaus Brammertz (CEO).

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