Markel Ventures Inc. acquires Eagle Construction
- August 16, 2013
Markel Ventures Inc., a subsidiary of Henrico County-based Markel Corp. has acquired Eagle Construction and its affiliated entities. The terms of the transaction were not disclosed.
Eagle primarily builds single-family homes in Virginia. Its subsidiaries, Eagle Realty, Eagle Commercial Construction and NAI Eagle, provide residential realty, commercial construction and commercial realty services.
The deal is the second investment Markel has made involving Eagle. In 2010, Markel and principals of Eagle formed a joint venture, Markel|Eagle Partners, a real estate asset manager in the Richmond region.
Eagle Construction was founded in 1984 by Bryan Kornblau and Bud Ohly. It has built more than 6,000 homes and more than 1,400 apartments.
""We like Markel's strategy," Jeffrey Kornblau, the chief operating officer of Eagle Construction, said in a statement. "They provide permanent capital for their partners and expect you to continue to run your business based on the values that attracted them to you in the first place."
Eagle will be the 14th company in the Markel Ventures portfolio. Consistent with all previous Markel Ventures transactions, Eagle's current leadership team and associates will remain in place.
Markel Corp. is a financial holding company targeting a variety of niche markets. The company's principal business is specialty insurance.