Markel Ventures acquires Reading Bakery Systems07 September 2012
Markel Ventures has acquired a majority interest in industrial baking systems designer and manufacturer Reading Bakery Systems in an undisclosed deal.
Markel said that the acquisition would boost its portfolio of industrial bakery equipment businesses and provide mutual benefit for the firms through the sharing of technological expertise and increased international exposure. Pennsylvania-based Reading makes industrial baking systems for the production of crackers, pretzels, cookies, and other baked snacks.
Markel already owns AMF Bakery Systems and Tromp Bakery Equipment. Together with Reading, the combined group will be known as the Markel Bakery Group.
"After over 40 years of building the company my father established, I sought to find a strong partner that would continue to build on all that we have accomplished at Reading," said Terry Groff, Markel's chief executive.
"Markel will be that partner. Their strategy of investing in healthy companies and focusing on the long term is an approach that has always appealed to me and is one that will allow us to continue serving our customers in the growing baking industry."
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