Markel finds some euros in its war chest

AMF Bakery Systems

AMF Bakery Systems' building on West Laburnum Avenue. (Photo by Michael Schwartz)

 

Markel’s European shopping spree continues.

Markel Ventures, the investment arm of the Richmond specialty insurer, has made its second acquisition in the Netherlands in the past week.

Markel Ventures subsidiary AMF Bakery Systems struck a deal Monday to acquire Tromp Bakery Equipment B.V., based in Gorinchem, Netherlands. Terms of the transaction were not disclosed.

The deal comes on the heels of the July 3 announcement of Markel Ventures subsidiary Ellicott Dredge’s purchase of a company in Heerenberg, Netherlands.

Markel Ventures has made four acquisitions this year. In 2011, it made five.

Neither Markel spokesman Bruce Kay nor AMF Bakery Systems President Ken Newsome returned calls by press time.

Based in Richmond, AMF Bakery Systems makes bread and bun manufacturing equipment for the bakery industry. It was acquired by Markel in 2005. AMF already has a presence overseas, with facilities in England, Singapore and China. It also acquired a bakery machine company last year in Georgia.

Markel Ventures acquired Ellicott Dredge in 2009. The financial terms of its acquisition last week of IDRECO GmbH were not disclosed.

With these two acquisitions, as is typical of Markel Ventures deals, it purchased a controlling interest of the two Dutch firms and will allow their heads to stay on and operate with the capital backing of the Markel war chest.

Over the years, Markel Ventures has purchased a stake in a variety of companies, including a tanker truck manufacturer, a pickle packing company, locally based concierge medical service PartnerMD and Richmond private equity firm Markel | Eagle Partners.

AMF Bakery Systems

AMF Bakery Systems' building on West Laburnum Avenue. (Photo by Michael Schwartz)

 

Markel’s European shopping spree continues.

Markel Ventures, the investment arm of the Richmond specialty insurer, has made its second acquisition in the Netherlands in the past week.

Markel Ventures subsidiary AMF Bakery Systems struck a deal Monday to acquire Tromp Bakery Equipment B.V., based in Gorinchem, Netherlands. Terms of the transaction were not disclosed.

The deal comes on the heels of the July 3 announcement of Markel Ventures subsidiary Ellicott Dredge’s purchase of a company in Heerenberg, Netherlands.

Markel Ventures has made four acquisitions this year. In 2011, it made five.

Neither Markel spokesman Bruce Kay nor AMF Bakery Systems President Ken Newsome returned calls by press time.

Based in Richmond, AMF Bakery Systems makes bread and bun manufacturing equipment for the bakery industry. It was acquired by Markel in 2005. AMF already has a presence overseas, with facilities in England, Singapore and China. It also acquired a bakery machine company last year in Georgia.

Markel Ventures acquired Ellicott Dredge in 2009. The financial terms of its acquisition last week of IDRECO GmbH were not disclosed.

With these two acquisitions, as is typical of Markel Ventures deals, it purchased a controlling interest of the two Dutch firms and will allow their heads to stay on and operate with the capital backing of the Markel war chest.

Over the years, Markel Ventures has purchased a stake in a variety of companies, including a tanker truck manufacturer, a pickle packing company, locally based concierge medical service PartnerMD and Richmond private equity firm Markel | Eagle Partners.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected]

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMEBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments