RICHMOND, Va., Aug. 19, 2021 /PRNewswire/ -- Markel Corporation
("Markel") (NYSE: MKL) and CBP, Inc. ("Buckner") announced today
that they have entered into a definitive agreement for Markel to
acquire a majority interest in Buckner. The transaction is subject to
customary closing conditions and is expected to close in the third
quarter of 2021. Additional terms were not disclosed.
As a fourth-generation family business, Buckner operates one of
the world's largest crane rental fleets by total lifting capacity,
serving large commercial contractors in the construction of wind
turbines, stadiums, manufacturing facilities, and other complex
projects. In addition to equipment rental services, Buckner
provides its clients with lift planners, field technicians,
operators, and engineers – a complete team with top tier technology
and years of practical experience in the field. Buckner was
established in 1947 in Graham, North
Carolina as CP Buckner Steel, by Clyde Preston Buckner to install reinforcing
rods used in large concrete projects. Since that time, the company
has grown to employ 220 people across multiple locations and has
become the industry leader in heavy lift (>300-ton capacity)
"For nearly 75 years, we have built and distinguished this
company – willing to change and adapt for the good of our employees
and our customers, always putting the company and its future
first," said Doug Williams, CEO,
Buckner. "Today Buckner is in a position of strength, and our
partnership with Markel adds to that. We gain additional support
for our growth ambitions yet change nothing about our approach,
remaining the humble, hardworking family we have always been. We
are excited to continue as managers and owners of this great
business knowing this is the right 'forever' decision for
Markel, through its subsidiary Markel Ventures, makes long term
investments in high quality companies.
"Through four generations, Buckner has been family owned and
operated, serving the complex needs of its customers in the heavy
construction industry each and every day", said Tom Gayner, Co-CEO, Markel Corporation. "When its customers need a
lift -- and a heavy one at that -- Doug, Meredith, Michael and the
entire Buckner team are there to make sure the work is done safely,
swiftly, and in the spirit of partnership, just as you would expect
of a business built for the long haul."
Visit Buckner on the web at bucknercompanies.com.
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 high-quality businesses. 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 markel.com.
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 Buckner's
beliefs, plans or expectations, are forward-looking statements.
These statements are based on Markel's and Buckner'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
Buckner 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