Sources: Markel Corp., Richmond, Va.; CP staff
Greenville, S.C.-based Metromont LLC, a top five precast, prestressed producer operating six plants from Virginia to Florida, has entered a definitive agreement to sell a majority interest to Markel Corp., an old-line, specialty insurance provider with namesake Ventures subsidiary. The latter functions as a holding company with long term investments in businesses serving industrial or consumer markets.
Family-owned Metromont offers architectural, engineering and construction customers, plus their clients, a full range of precast, prestressed elements, structural members or complete building systems. In addition to design, engineering and fabrication, the producer offers hauling, erection and field services for projects throughout the Mid-Atlantic and Southeast. Production and services payroll exceeds 1,000.
“Our family is thrilled to partner with Markel. We feel blessed to have found a group that shares our same values that began 96 years ago with my grandfather, Captain Pennell,” says Metromont CEO Rick Pennell. “We could not be more excited about the future growth of our company as part of the Markel Ventures family.”
“Metromont, led by three generations of Pennells, cemented its reputation as an industry leader over the past century. Its culture, values, and products have been rigorously tested over that history,” adds Markel Corp. Co-CEO Tom Gayner. “Our strategy at Markel remains one of ‘specialization and diversification.’ With Metromont, we are bringing the most knowledgeable partners in the precast concrete industry into our growing family of companies.”