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.
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.