RICHMOND, Va., March 16, 2020 /PRNewswire/ -- Markel
Corporation (NYSE: MKL) announced today that it has entered into a
definitive agreement to acquire a majority interest in Lansing
Building Products. Simultaneously, Lansing entered into a
definitive agreement to acquire the distribution business of Harvey
Building Products. Both transactions are subject to customary
closing conditions and are expected to close in the second quarter
of 2020. Additional terms were not disclosed.
Lansing Building Products supplies exterior building products
and materials to professional contractors throughout the United States. Established in 1955 in
Richmond, Virginia, as Ted Lansing
Supply Company, Lansing is a third generation family-owned and
operated building products distributor. The acquisition of Harvey,
headquartered in Waltham, MA, will
significantly enhance the geographic reach and scale of Lansing,
increasing its network to 113 branches (from 77) operating across
35 states (from 25).
"Lansing and Harvey are an unparalleled team to lead the
industry. We look forward to welcoming Harvey's associates,
customers, and suppliers to the Lansing family. Our commitment to
Respect, Service and Excellence will remain at our core," comments
Hunter Lansing, President and CEO of
Lansing Building Products.
Jim Barreira, Chairman of the
Board of Harvey Building Products, notes, "This partnership places
us in a powerful position of strength to lead the building products
industry and to set a new bar of what it means to deliver a
best-in-class experience for our associates and customers."
"As we examined a potential partnership with Harvey, we knew a
strong financial partner would best accelerate this opportunity as
well as other plans for future growth. We are thrilled to join
forces with Markel Ventures and learn from its talented team. The
combination of Lansing, Harvey and Markel brings together three
companies that all began humbly as family-owned businesses. And now
we have an even greater opportunity to create the next generation
of success," says Lansing.
Markel, through its subsidiary Markel Ventures, makes long-term
investments in high-quality companies. "Several months ago, when
the Lansing team reached out to us to be their partner, we were
immediately interested," said Tom
Gayner, Co-CEO, Markel
Corporation. "The combined talents of Lansing and Harvey
allow us to tackle the 'right now' work that comes with such a
transformational acquisition. More importantly, the shared values
of the entire group provides great 'forever' potential."
Visit Lansing Building Products on the web at lansingbp.com.
Visit Harvey Building Products on the web at harveybp.com.
About Markel
Markel 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.
Visit Markel on the web at markel.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 Lansing's beliefs,
plans or expectations, are forward-looking statements. These
statements are based on Markel's and Lansing'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
Lansing 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