Markel entered into a definitive agreement to acquire a majority stake in Buckner, a crane rental fleet operator who serves commercial contractors in the construction of wind turbines, stadiums, manufacturing facilities and other projects. The transaction is subject to customary closing conditions and is expected to close in Q3 / 21. Additional terms were not disclosed.
In addition to equipment rental, Buckner offers its customers elevator planners, field service technicians, operators and engineers. Buckner was founded in Graham, NC in 1947 as CP Buckner Steel by Clyde Preston Buckner to install rebar for concrete projects. Since then, the company has grown to 220 employees at several locations.
“For nearly 75 years we’ve built and recognized this company – ready to change and adapt for the benefit of our people and our customers, always putting the company and its future first,” said Doug Williams, Buckner CEO. “Today Buckner is in a position of strength and our partnership with Markel contributes to that. We gain additional support for our growth ambitions, but we do not change our approach and remain the humble, hard-working family we always were. We look forward to continuing as the manager and owner of this great company, knowing this is the right decision for Buckner forever. “
Markel makes long-term investments in companies through its subsidiary Markel Ventures.
“Buckner has been family-owned and operated for four generations to meet the complex needs of its customers in the heavy construction industry every day,” said Tom Gayner, Co-CEO of Markel. “When their customers need an elevator – and a heavy one at that – Doug, Meredith, Michael and the entire Buckner team are there to make sure the job is done safely, quickly, and in partnership, the way they are expected to be. “A long-term business.”