VSC Fire & Security Agrees to Be Acquired by Insurer Markel Corp.
Through its subsidiary Markel Ventures, Markel makes investments in businesses that operate outside of the insurance marketplace.
RICHMOND, Va. — VSC Fire & Security has entered into a definitive agreement to be acquired by Markel Corp. (NYSE: MKL), specialty insurance company, for undisclosed terms.
The transaction, first announced Nov. 8, is subject to customary closing conditions and is expected to close in the fourth quarter of 2019.
Based in Ashland, Va., VSC Fire & Security inspects and installs low-voltage safety and protection systems such as alarms, fire sprinklers and security systems for commercial, healthcare, government and multifamily residential buildings.
Founded in 1958 as Virginia Sprinkler Co., VSC was initially managed from the family home of co-founder Roland C. Giles. Since then, the company has grown to employ more than 1,200 people across 21 offices in nine states and the District of Columbia.
“At VSC our customers rely on our work to save property and lives. The integrity of our people and our work cannot be compromised, and we’ve invested in that since day one,” states Michael Meehan, CEO, VSC. “When thinking about the next 60 years at VSC, we knew we needed a partner that shared our values and would allow us to continue running VSC the way we have for so long. We are confident Markel is that partner.”
Markel makes investments in businesses that operate outside of the insurance industry through an investment subsidiary, Markel Ventures, which has an investment portfolio of 19 companies.
“VSC provides solutions that help minimize damage if something bad happens — a concept we’ve learned a lot about over our 89 years in the insurance industry,” says Tom Gayner, co-CEO, Markel Corp. “There is no substitute for the high-quality, high-integrity work Michael and his team do, and when it comes to that work, I think we’ll need more of it, rather than less, in the future.”
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