Markel Ventures has acquired Eagle Construction, a builder of single-family homes.
Eagle primarily engages in the construction of single family residential homes in Virginia. Through its subsidiaries Eagle Realty, Eagle Commercial Construction and NAI Eagle, Eagle also provides residential realty, commercial construction and commercial realty services. Since founding in 1984, Eagle Construction has delivered over 6,000 homes and constructed over 1,400 apartments. The company was founded by Bryan Kornblau and Bud Ohly and is based in Glen Allen, VA (www.eagleofva.com).
“We like Markel’s strategy,” said Jeffrey Kornblau, the Chief Operating Officer of Eagle Construction and part of the third generation of leadership at Eagle Construction. “They provide permanent capital for their partners and expect you to continue to run your business based on the values that attracted them to you in the first place.”
This transaction marks the second investment Markel has made into Eagle’s platform. In 2010 Markel formed a joint venture with the principals of Eagle to create Markel|Eagle Partners, a real estate asset manager.
“Eagle’s longstanding relationship with Markel gave us the assurance that they share our deep commitment to our customers, trade partners and dedicated team of employees,” said Robert “Bud” Ohly, Jr., President of Eagle Construction. “Our new partnership positions the Eagle Companies to build on our experience and further our evolution into one of the premier diversified real estate firms in Central Virginia and beyond.”
“Homebuilding is an integral part of our society, promoting economic development and, more importantly, strengthening our communities. As a leading homebuilder in Virginia, Eagle has a 29 year history of providing customers with quality products and outstanding customer service, a hallmark of our Markel Ventures companies,” said Thomas Gayner, President and Chief Investment Officer of Markel Ventures.
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).
Eagle will be the fourteenth company in the Markel Ventures family of companies. Consistent with all previous Markel Ventures transactions, Eagle’s current leadership team and associates will remain in place.
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-22-13
