Markel Corporation has entered into an agreement to acquire a majority interest in Lansing Building Products, a supplier of exterior building products and materials in the US.
At the same time, Lansing has enhanced its geographic reach via the acquisition of the distribution business of Harvey Building Products.
Established in 1955 in Richmond, Virginia, as Ted Lansing Supply Company, Lansing is a family-owned and operated building products distributor.
The acquisition of Harvey, headquartered in Waltham, MA, will increase Lansing’s network to 113 branches (from 77) operating across 35 states (from 25).
“Lansing and Harvey are an unparalleled team to lead the industry,” said Hunter Lansing, President and CEO of Lansing Building Products.
“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.”
Jim Barreira, Chairman of the Board of Harvey Building Products, also commented: “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.”
“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,” Lansing stated.
“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.”
And finally, Tom Gayner, Co-CEO Markel Corporation, commented: “Several months ago, when the Lansing team reached out to us to be their partner, we were immediately interested.”
“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.”