RICHMOND, Va., July 26, 2017 /PRNewswire/ -- Markel
Corporation ("Markel") (NYSE: MKL) and Costa Farms announced today
that they have entered into a definitive agreement for Markel to
acquire a majority interest in Costa Farms and its related
operating companies. The transaction is subject to customary
closing conditions and is expected to close in the third quarter of
2017.
Headquartered in Miami,
Florida, Costa Farms is the largest producer of ornamental
plants in the world. Founded in 1961 by Jose Costa, Costa Farms is a third-generation,
family-owned business that stretches over 4,000 acres globally and
employs nearly 5,000 people. Along with thriving indoor and bedding
plant divisions, Costa Farms operates merchandising services and
young-plant production divisions, with operations domestically in
South and Central Florida,
North Carolina and South Carolina, and abroad in the Dominican Republic and Asia. Jose
Smith, CEO Costa Farms, said, "This partnership with Markel
allows us to partner with a company with similar goals and values.
We share the same desire to win and provide solutions to our
customers."
Markel, through its subsidiary Markel Ventures, makes long term
investments in high quality companies. "The Costa family and their
team have spent generations building a company that beautifies
people's lives and homes with millions of plants and garden flowers
each year", said Tom Gayner, Co-CEO
Markel Corporation. "We love what they do and the way they go
about doing it, and when they approached us looking for a partner
to support the continued growth of this incredible company for
future generations, we couldn't have been more excited."
About Markel Corporation
Markel Corporation is a diverse financial holding company
serving a variety of niche markets. The Company's principal
business markets and underwrites specialty insurance products. In
each of the Company's businesses, it seeks to provide quality
products and excellent customer service so that it can be a market
leader. The financial goals of the Company are to earn consistent
underwriting and operating profits and superior investment returns
to build shareholder value.
Through its subsidiary Markel Ventures, Markel makes investments
in businesses that operate outside of the insurance
marketplace. The Markel Ventures businesses operate with a
high degree of autonomy and have the shared goal of positively
contributing to the long-term financial performance of Markel
Corporation.
Visit Markel Corporation on the web at markelcorp.com.
Disclaimer
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Statements that are not historical
facts, including statements about Markel's and Costa Farms's
beliefs, plans, or expectations, are forward-looking statements.
These statements are based on Markel's and Costa Farms's current
plans, estimates, and expectations. There are risks and
uncertainties that could cause actual results to differ materially
from those expressed in or suggested by such statements. Neither
Markel nor Costa Farms assumes any obligation to update this
release (including any forward-looking statements herein) as a
result of new information, developments, or otherwise. This release
speaks only as of the date issued.
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SOURCE Markel Corporation