Markel enters agreement to acquire VSC
Insurance holding company Markel Corporation and VSC Fire & Security has entered into a definitive agreement for Markel to acquire VSC. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2019. Additional terms were not disclosed.
VSC is a provider of comprehensive fire protection, life safety, and low voltage solutions to retailers, commercial campuses, healthcare facilities, and government properties throughout the southeast United States. Established in 1958 in Ashland, Virginia, as Virginia Sprinkler Company, VSC was initially managed from the family home of co-founder Roland Giles. Since then, VSC has grown to employ over 1,200 people across 21 offices in 9 states and the District of Columbia.
"At VSC our customers rely on our work to save property and lives. The integrity of our people and our work cannot be compromised, and we've invested in that since day one," said Michael Meehan, CEO, VSC. "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. We are confident Markel is that partner."
Markel, through its subsidiary Markel Ventures, makes long-term investments in companies. "VSC provides solutions that help minimize 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. "There is no substitute for the high-quality, high-integrity work Michael and his team do, and when it comes to that work, I think we'll need more of it, rather than less, in the future."
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