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RICHMOND, Va., Sept. 6, 2011 /PRNewswire via COMTEX/ --
Markel Corporation (NYSE:MKL) announced today that AMF Bakery Systems, a subsidiary of Markel Ventures, has completed the acquisition of Baking Technology Systems, Inc. (BAKETECH), a Tucker, Georgia based supplier of ovens and other related equipment to high-speed bread and bun bakeries.
Geri Walker, one of BAKETECH's founders who will continue as president of the renamed entity, AMF/BAKETECH, stated, "during this process we received clear confirmation that this combination with AMF will best serve our customers and the people who helped build this company. We have very similar values with the folks at AMF when it comes to innovation, taking care of our people, and especially taking care of our customers." Ken Newsome, president of AMF, added, "This strategic addition accomplishes our goal of being a global leader in complete high-speed bread and bun bakery systems. BAKETECH has become a leading supplier of continuous baking systems and we are grateful to have this leading edge company join the AMF family."
The BAKETECH transaction is the third acquisition in 2011 by Markel Ventures or a Markel Ventures company. Earlier this year, Ellicott Dredge, another Markel Ventures company, completed the acquisition of Rohr, a German dredge manufacturer. Then, in July, Markel Ventures completed a transaction in the healthcare sector with the acquisition of Richmond-based PartnerMD, a provider of concierge medical and executive health programs.
Markel Ventures, Inc. is a wholly-owned subsidiary of Markel Corporation, a diverse financial holding company serving a variety of niche markets. Markel's principal business is to market and underwrite specialty insurance products. Markel Ventures was established to make strategic and generally controlling investments in businesses that operate outside of the specialty insurance marketplace. The long-term goal of Markel Ventures is to build a great company comprised of solid businesses with talented management teams.
This release contains statements concerning or incorporating the company's expectations, assumptions, plans, objectives, future financial or operating performance and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. There are risks and uncertainties that may cause actual results to differ materially from predicted results in forward-looking statements. Factors that could cause actual results to differ from those predicted are set forth under "Risk Factors" and "Safe Harbor and Cautionary Statement" in Markel Corporation's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
For more information about Markel Corporation (www.markelcorp.com), contact Bruce Kay at (804) 965-1720.
SOURCE Markel Corporation