Press Release

EGS Beteiligungen expands its majority holding in Bauwerk Boen Group

EGS Beteiligungen AG, a subsidiary of the Ernst Göhner Foundation («EGSB»), takes over the remaining shares of Bauwerk Boen Group from Johan G. Olsen Group («JGO»), a Norwegian-based holding company, thereby expanding its majority position to 98%. This transaction underlines EGSB's long-term commitment to Bauwerk Boen Group, Europe's leading parquet flooring manufacturer.

St. Margrethen, 25 October 2019 - EGSB's investment in Bauwerk Boen Group dates back to 2009, when EGSB together with Zurmont Madison Private Equity, acquired a stake in Bauwerk Parkett AG (originally founded by Ernst Göhner in 1944). Since the merger in 2013 of the Swiss Bauwerk Parkett AG and the Norwegian Boen AS, to form the Bauwerk Boen Group, the Group has developed into a leading pan-European developer, manufacturer and supplier of parquet flooring. In January 2018, EGSB acquired the entire shares of ZM Opportunity II L.P., a fund advised by Patrimonium Private Equity (formerly Zurmont Madison Private Equity), and thus became the majority shareholder of Bauwerk Boen Group. At that time, JGO remained a significant minority shareholder holding one third of the shares in Bauwerk Boen Group.

EGSB now acquires the above shares in Bauwerk Boen Group, held by JGO, subsequently owning 98% of the shares. The parties have agreed not to disclose the purchase price. The remaining 2% of the shares are held by members of the long-standing management team, led by CEO Klaus Brammertz and by Bauwerk Parkett AG, as so-called «treasury shares».

In the course of the current transaction, Björn Henrik Rasmussen and Jens Richard Andersen will resign from the Board of Directors of Bauwerk Boen Group. With a view to this, the Annual General Meeting elected Andreas Münch and Roland Iff as new Board Directors. The Board and EGSB would like to thank Mr. Rasmussen and Mr. Andersen for their constructive and pleasant cooperation over the last 6 years.

Dominik Sauter, Managing Director of EGSB comments: «This final step underlines our commitment as a long-term majority shareholder of the Bauwerk Boen Group. The transaction does not alter the fundamental orientation of the Group, but the Board of Directors is taking this opportunity to review the strategy, to be concluded towards the end of the year. We are convinced that the Group can continue to build on its strong position and generate sustainable earnings.»
 

For more information, please contact:
Klaus Brammertz, CEO Bauwerk Boen Group
Email: klaus.brammertz@bauwerk-boen.com, Telephone +41 71 747 72 79
Dominik Sauter, Managing Director EGS Beteiligungen AG
Email: dominik.sauter@egs-beteiligungen.ch, Telephone +41 44 250 75 00

About Bauwerk Boen Group
Bauwerk Boen Group is a leading European developer, manufacturer and supplier of parquet flooring in the premium segment, as well as the second-largest market participant in wood flooring. With over 9.2 million square meters sold volumes annually, the Group offers a complementary portfolio of two- and three-layer parquets, as well as wooden sports flooring, under the two brands Bauwerk and Boen. The key markets Switzerland, Norway and Germany, as well as Austria, the UK, France, China and the US, are served by local subsidiaries. Administrative headquarter of the Group is located in St. Margrethen, Switzerland. The production locations are concentrated in St. Margrethen/Switzerland, Kietaviškės/Lithuania, Đurđevac/Croatia and in Kaliningrad. During the financial year 2018, the Bauwerk Boen Group generated a net turnover of CHF 292 million and employed around 1'700 people.

Legal Information

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THIS INFORMATION DOES NOT CONSTITUTE AN ADVICE ON INVESTMENT NOR A RECOMMENDATION OR INVITATION FOR PURCHASING, HOLDING OR SELLING ANY SECURITIES AND IT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IT IS NOT INTENDED FOR PERSONS SUBJECT TO LEGISLATION THAT PROHIBITS ITS DISTRIBUTION OR MAKES ITS DISTRIBUTION CONTINGENT UPON AN APPROVAL AND IT IS NOT BEING ISSUED IN COUNTRIES WHERE THE PUBLIC DISSEMINATION OF THE INFORMATION CONTAINED HEREIN MAY BE RESTRICTED OR PROHIBITED BY LAW. IN PARTICULAR, THIS INFORMATION IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. ANY NON-COMPLIANCE WITH SUCH RESTRICTIONS MAY RESULT IN AN INFRINGEMENT OF U.S. SECURITIES LAWS. SECURITIES OF BAUWERK PARKETT AG AND OF BAUWERK BOEN AG ("COMPANIES") ARE NOT BEING PUBLICLY OFFERED OUTSIDE OF SWITZERLAND. IN PARTICULAR, THE SECURITIES OF THE COMPANIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OF U.S. PERSONS EXCEPT IN AN "OFFSHORE TRANSACTION" IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. THIS DOCUMENT DOES NOT CONSTITUTE A PROSPECTUS ACCORDING TO ART. 652A OR ART. 1156 OF THE SWISS CODE OF OBLIGATIONS OR ART. 27 ET SEQ. OF THE SIX SWISS EXCHANGE LISTING RULES.

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