RICHMOND, Va., June 25,
2024 /CNW/ -- Markel Group Inc. (NYSE: MKL) and
Valor Environmental announced today that they have entered into a
definitive agreement for Markel Group to acquire a majority
interest in Valor and its related operating companies. The
transaction is subject to customary closing conditions and is
expected to close in the second quarter of 2024. Additional terms
were not disclosed.
Valor is an environmental services company, providing erosion
control and related services to commercial development sites and
homebuilders throughout the United
States. The Valor story began in 2003 when its founder
purchased a street sweeper on a second mortgage to service
homebuilding sites. Since then, Valor has grown to a team of over
700 people serving over 2,000 customers.
Markel Group's expansion into new industries began nearly two
decades ago, building upon the financial and cultural strength of
its insurance business. With the addition of Valor, that effort,
known as Markel Ventures, has grown to include twenty
businesses.
"We are thrilled to partner with Markel Group. This permanent
home enables Valor to continue making the best long-term decisions
for our customers and employees," said Kirk
Foster, Valor's President. "Our relentless focus on local
customer service has gotten us here, and we are energized for the
significant growth opportunities in front of us."
"When land is developed, Mother Nature has a way of moving dirt,
water, and everything that comes with it to places we don't want it
to go. Luckily, our partners at Valor work every day to help their
customers avoid unnecessary environmental impact and costly project
delays," said Tom Gayner, CEO,
Markel Group. "Valor takes our
Ventures family to twenty companies in nearly twenty years – a
point in our journey worth celebrating."
About Markel Group
Markel Group Inc. (NYSE: MKL) is a
diverse family of companies that includes everything from insurance
to bakery equipment, building supplies, houseplants, and more. The
leadership teams of these businesses operate with a high degree of
independence, while at the same time living the values that we call
the Markel Style. Our specialty insurance business sits at the core
of our company. Through decades of sound underwriting, the
insurance team has provided the capital base from which we built a
system of businesses and investments that collectively increase
Markel Group's durability and adaptability. It's a system that
provides diverse income streams, access to a wide range of
investment opportunities, and the ability to efficiently move
capital to the best ideas across the company. Most importantly
though, this system enables each of our businesses to advance our
shared goal of helping our customers, associates, and shareholders
win over the long term. Visit mklgroup.com to learn more.
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SOURCE Markel Group