BALTIMORE, MD, December 2, 2009 -- On the eve of the 125th anniversary of its founding in 1885, Ellicott® Dredge Enterprises, LLC, the leading manufacturer worldwide of portable dredges, announced today that Markel Ventures, a subsidiary of Markel Corporation, has acquired a majority interest in the Company. Terms were not disclosed. Markel Ventures is based in Richmond, VA and is pursuing an investment strategy of buying controlling interests in companies with leading market positions and strong management teams and holding those interests for the long term.
"This is an excellent fit for us at Ellicott®," said Peter Bowe, President of Ellicott®, which serves clients in dozens of countries around the world. "We intend to continue our growth both organically and through acquisitions, as we have in the past. Markel will be a good long-term partner in our infrastructure-oriented businesses."
As part of the transaction, BB&T Bank extended an expanded working capital line to Ellicott®, which has no debt on its balance sheet.
Ellicott® will continue to develop its portfolio of niche dredger brands -- each with a market-leading position:
"We are looking forward to Ellicott®'s second 125 years of growth, now as part of the Markel family," said Tom Gayner, Chief Investment Officer of Markel and President of Markel Ventures.
Bowe, Chief Operating Officer Marty Barnes, and the rest of the Ellicott® management team will continue in leadership roles at the Company. Gayner and Michael Heaton, a Markel Ventures senior Director, will join Ellicott®'s Board. Ellicott® headquarters will remain in Baltimore MD, USA.
All previous Ellicott® shareholders remain investors in the business.
In other news, Ellicott® also announced that Ernst & Young inducted Peter Bowe into its Entrepreneur of the Year Hall of Fame at a ceremony in Palm Desert, CA, on November 13.
For more information, contact:
Peter Bowe, President
Ellicott® Dredge Enterprises
Ph 410-545-0205 • Cell 410-302-9367
Email - [email protected]