Markel has agreed to acquire VSC Fire and Security, a provider of comprehensive fire protection, life safety, and low voltage solutions to retailers, commercial campuses, healthcare facilities, and government properties.
VSC was established in 1958 and employs over 1,200 people across 21 offices in 9 states and the District of Columbia, and operates throughout the southeast US.
Markel made the investment through Markel Ventures, through which it makes long term investments. The deal is expected to close in Q4 this year.
"VSC provides solutions that help minimise damage if something bad happens a concept we've learned a lot about over our 89 years in the insurance industry," said Tom Gayner, Co-CEO, Markel Corporation. "When it comes to that work, I think we'll need more of it, rather than less, in the future."
Michael Meehan, CEO at VSC, said: "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.”
Additional terms were not disclosed.
Markel, VSC Fire and Security