Markel Ventures to acquire Lansing Building Products
Markel Ventures will acquire a majority stake in Lansing Building Products in a deal that is expected to close in Q2 2020.
Simultaneously, Lansing will acquire the distribution business of Harvey Building Products. The move will enhance Lansing’s geographic reach and scale, increasing its network to 113 branches, from 77, operating across 35 states, from 25.
The interested parties have entered into definitive agreements, with the acquisitions subject to customary closing conditions. Additional terms were not disclosed.
Lansing, a third generation family-owned and operated building products distributor, supplies exterior building products and materials to professional contractors throughout the US. It was established in 1955 in Richmond, Virginia, originally as Ted Lansing Supply Company.
Tom Gayner, co-CEO of Markel Corporation, said Lansing had reached out to Markel to suggest the partnership. “We were immediately interested,” he said. “The combined talents of Lansing and Harvey allow us to tackle the ‘right now’ work that comes with such a transformational acquisition. More importantly, the shared values of the entire group provides great ‘forever’ potential.”
Hunter Lansing, president and CEO of Lansing Building Products, said: “As we examined a potential partnership with Harvey, we knew a strong financial partner would best accelerate this opportunity, as well as other plans for future growth. We are thrilled to join forces with Markel Ventures and learn from its talented team.”
