Markel Corp. to Invest in Combined Lansing, Harvey Distribution Businesses

March 18th, 2020 by Editor

Markel Corporation announced earlier this week that it has entered into a definitive agreement to acquire a majority interest in Lansing Building Products, while Lansing simultaneously entered into a definitive agreement to acquire the distribution business of Harvey Building Products. Markel, through its subsidiary Markel Ventures, makes long-term investments in high-quality companies. Both transactions are expected to close in the second quarter of 2020. Additional terms were not disclosed.

“This partnership places us in a powerful position of strength to lead the building products industry and to set a new bar of what it means to deliver a best-in-class experience for our associates and customers,” said Jim Barreira, chairman of the board of Harvey Building Products.

Lansing Building Products supplies exterior building products and materials to professional contractors throughout the United States. Established in 1955 in Richmond, Va., as Ted Lansing Supply Company, it is a third generation, family-owned and operated building products distributor. By acquiring Harvey, headquartered in Waltham, Mass., Lansing will increase its network from 77 to 113 branches operating across 35 states.

“Lansing and Harvey are an unparalleled team to lead the industry. We look forward to welcoming Harvey’s associates, customers, and suppliers to the Lansing family. Our commitment to respect, service and excellence will remain at our core,” comments Hunter Lansing, president and CEO of Lansing Building Products. “As we examined a potential partnership with Harvey, we knew a strong financial partner would best accelerate this opportunity as well as other plans for future growth. We are thrilled to join forces with Markel Ventures and learn from its talented team. The combination of Lansing, Harvey and Markel brings together three companies that all began humbly as family-owned businesses. And now we have an even greater opportunity to create the next generation of success.”

Markel is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. Through its subsidiary Markel Ventures, Markel makes investments in businesses that operate outside of the insurance marketplace. 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.

“Several months ago, when the Lansing team reached out to us to be their partner, we were immediately interested,” said Tom Gayner, Co-CEO, Markel Corporation. “The combined talents of Lansing and Harvey allow us to tackle the ‘right now’ work that comes with such a transformational acquisition. More importantly, the shared values of the entire group provides great ‘forever’ potential.”

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