“After over 40 years of building the company my father established, I sought to find a strong partner that would continue to build on all that we have accomplished at Reading. Markel will be that partner. Their strategy of investing in healthy companies and focusing on the long term is an approach that has always appealed to me and is one that will allow us to continue serving our customers in the growing baking industry,” said Terry Groff, Reading’s CEO.
Reading Bakery Systems is a designer and manufacturer of industrial baking systems for the production of crackers, pretzels, cookies, and other baked snacks. The company is based in Robesonia, PA (www.readingbakery.com).
Reading Bakery Systems will join the Markel family of industrial bakery equipment businesses. Reading, AMF Bakery Systems and Tromp Bakery Equipment, now known collectively as the Markel Bakery Group, will benefit from an increased international presence and the ability to share technological expertise.
Markel Ventures is a subsidiary of Markel Corporation, a financial holding company with insurance, industrial, and service operations serving a variety of niche markets. Markel Ventures was established to acquire majority control of companies with revenues from $25 million to $250 million and EBITDAs from $5 million to $50 million. Sectors of interest include diversified manufacturing; service and value-added distribution; consumer and industrial products; capital equipment; and healthcare. The firm is based in Glen Allen, VA (www.markelcorp.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-7-12