It was founded in 1145 by Gebizo of Ravensburg, a ministerialis of the Welfs, and his sister Luitgarde. Its first monks and their provost Herman (1145–75) came from Rot an der Rot Abbey near Memmingen. The monastery buildings were completed in 1156, and in 1172 the church was dedicated to Our Lady and St. Peter by Otto, Bishop of Konstanz, to whose diocese it then belonged. During the first few years of its existence it had a nunnery attached, but this was transferred to Weissenthal nearby by Provost Herman, where it continued and existed there until the 15th century.