Markel Corp.'s stepped-up interest in acquiring control of private companies landed another old-line industrial company -- this one, a 124-year-old maker of dredges.
Markel acquired an unspecified majority interest in Baltimore-based Ellicott Dredge Enterprises LLC. It did not disclose the terms.
In late October, the Glen Allen-based insurer rekindled its private-equity investment arm by purchasing a private Texas company, Panel Specialists Inc., that makes panels, wall systems, casework, furniture and countertops.
Terms were not disclosed in that deal either.
Privately held Ellicott doesn't report revenue or even prices for its giant dredges, which include monsters 114 feet long able to dig in water 60 feet deep and to scoop 1,800 cubic yards of mud, sand and muck an hour -- enough to cover a football field 9 feet deep. It can build dredges even larger to special order.
Founded in 1885, Ellicott has built more than 1,500 dredges and sold them to customers in more than 80 countries. Some of its dredges are still operating after 50 years on the job.
Markel bought its first privately held company in 2005, acquiring a majority stake in AMF Bakery Systems, a Richmond-based manufacturer of high-speed equipment for large bakeries.
The company has also bought a mobile-home park operator, last year it acquired a 40 percent stake in First Market Bank. First Market Bank, mostly owned by the Ukrop family and Ukrop's Super Markets Inc., is merging with Union Bankshares Corp.
Contact David Ress at (804) 649-6051 or dress@timesdispatch.com.
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