Markel to acquire newly merged company
Financial terms of the transaction were not disclosed.
A subsidiary of Henrico County-based Markel Corp., a specialty insurer and diversified financial holding company, will purchase Richmond-based Lansing Building Products and Harvey Building Products following the merger of the two companies, Lansing Building Products announced Monday.
Financial terms of the agreement were not disclosed.
Lansing Building Products is a national supplier of exterior building products and materials, as is Harvey Building Products. The merge will create a combined operation in 35 states with 113 branches.
Markel’s Markel Ventures subsidiary, which invests in businesses outside the insurance industry, will acquire a majority interest in the combined company, Lansing Building Products.
Both transactions are expected to close in the second quarter.
Harris Williams was the financial adviser to Lansing in acquiring Harvey and partnership with Markel. McGuireWoods LLP served as the legal adviser for Lansing.