Markel Corp. logo in Henrico County, VA Monday June 21, 2021.

Markel’s Tom Gayner explains the company’s acquisition philosophy

The investment arm of Henrico County-based specialty insurer Markel Corp. acquires a majority stake in a company that operates one of the world’s largest crane rental fleets.

Markel Ventures announced it has reached an agreement to purchase CBP Inc., which operates Buckner, a crane fleet operator that supports large commercial contractors in the construction of wind turbines, stadiums, manufacturing facilities and other complex projects

Financial terms were not disclosed. The deal is expected to close in the third quarter.

Buckner is a fourth generation family company.

It was founded in Graham, NC in 1947 as CP Buckner Steel by Clyde Preston Buckner to install rebar used in large concrete projects. Since then, the company has grown to 220 employees at several locations and has become the industry leader in crawler cranes with a load capacity of more than 300 tons.

“Today Buckner is in a position of strength and our partnership with Markel helps,” said Doug Williams, Buckner CEO, in a statement. “We’re gaining additional support for our growth ambitions, but we’re not changing our approach and we’re remaining 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. “