Markel Corporation (“Markel”) (NYSE: MKL) and CBP, Inc. (“Buckner”) announced on Thursday, 19 August, that they have entered into a definitive agreement for Markel to acquire a majority interest in Buckner. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2021. Additional terms were not disclosed.
As a fourth-generation family business, Buckner operates one of the world’s largest crane rental fleets by total lifting capacity, serving large commercial contractors in the construction of wind turbines, stadiums, manufacturing facilities, and other complex projects.
In addition to equipment rental services, Buckner provides its clients with lift planners, field technicians, operators, and engineers – a complete team with top tier technology and years of practical experience in the field. Buckner was established in 1947 in Graham, North Carolina as CP Buckner Steel, by Clyde Preston Buckner to install reinforcing rods used in large concrete projects.
Since that time, the company has grown to employ 220 people across multiple locations and has become the industry leader in heavy-lift (>300-ton capacity) crawler cranes.
“For nearly 75 years, we have built and distinguished this company – willing to change and adapt for the good of our employees and our customers, always putting the company and its future first,” said Doug Williams, CEO, Buckner. “Today Buckner is in a position of strength, and our partnership with Markel adds to that. We gain additional support for our growth ambitions yet change nothing about our approach, remaining the humble, hardworking family we have always been. We are excited to continue as managers and owners of this great business knowing this is the right ‘forever’ decision for Buckner.”
Markel, through its subsidiary Markel Ventures, makes long term investments in high quality companies.