Markel Corporation has entered a definitive agreement to acquire VSC Fire & Security.
The transaction is subject to customary closing conditions, and is expected to close sometime in the fourth quarter of 2019. Terms of the deal were not disclosed.
VSC is a provider of comprehensive fire protection, life safety, and low voltage solutions. Clients of VSC include retailers, commercial campuses, healthcare facilities, and government properties in and around the southeastern region of America. The company was established in 1958 in Ashland, VA, originally as Virginia Sprinkler Company.
Presently, VSC employs more than 1,200 people across 21 offices in nine states and the District of Columbia.
A release explained that Markel, through its subsidiary Markel Ventures, makes long-term investments in companies it sees as “high-quality.”
“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 VSC CEO Michael Meehan, who added that his company felt confident in partnering with Markel since the financial holding company shares values with VSC.
“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,” commented Markel co-CEO Tom Gayner. “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.”