RICHMOND, Va., Dec. 13, 2021 /PRNewswire/ -- Markel
Corporation (NYSE: MKL) and Metromont LLC announced today that they
have entered into a definitive agreement for Markel to acquire a
majority interest in Metromont. The transaction is subject to
customary closing conditions and is expected to close in the fourth
quarter of 2021. Additional terms were not disclosed.
Operating as a third-generation family business, Metromont is
one of the largest precast concrete manufacturers in the southeast
and mid-Atlantic regions, serving general contractors in the
construction of data centers, warehouses, multi-family residential
structures, parking decks, and a variety of other commercial and
industrial structures. In addition to the production of precast
concrete, the company provides its clients with the complementary
design and engineering, hauling, erection and field services to
support their full construction needs.
Metromont started in 1925, when Captain J. Roy Pennell founded Pennell & Harley
Construction Engineers. The company, based in Greenville, South Carolina has grown to employ
more than 1,000 people across six manufacturing locations in four
states including South Carolina,
Virginia, Georgia, and Florida.
"Our Metromont family is thrilled to partner with Markel. We
feel blessed to have found a group that shares our same values that
began 96 years ago with my grandfather, Captain Pennell," said
Rick Pennell, CEO, Metromont. "We
could not be more excited about the future growth of our company as
part of the Markel Ventures family."
Markel, through its subsidiary Markel Ventures, makes long term
investments in high quality companies.
"Metromont, led by three generations of Pennells, cemented its
reputation as an industry leader over the past century. Its
culture, values, and products have been rigorously tested over that
history," said Tom Gayner, Co-CEO,
Markel Corporation. "Our strategy at
Markel remains one of 'specialization and diversification.'
With Metromont, we are bringing the most knowledgeable partners in
the precast concrete industry into our growing family of
companies."
Visit Metromont on the web at metromont.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 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 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 Metromont's beliefs,
plans or expectations, are forward-looking statements. These
statements are based on Markel's and Metromont'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
Metromont 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