The monastery was founded by Ulrich and Kolo of Wilhering, who gave the family's old castle for the purpose, in accordance with the wish of their deceased father, after the family had moved to their new castle at Waxenberg. It was settled initially by Augustinian Canons, but in the first years the new foundation was beset with problems, and on 30 September 1146 Ulrich replaced the canons with Cistercian monks from Rein Abbey in Styria. However, after less than forty years only two monks remained. At this point, Heinrich, the fourth abbot, transferred the abbey to Burkhard, abbot of Ebrach Abbey, the mother house of Rein, in 1185, and the monastery was re-settled by monks from Ebrach, after which the community was established for the future on a secure footing.