On the eve of the 125th anniversary of its founding in 1885 Ellicott Dredge Enterprises LLC announced today that Markel Ventures a subsidiary of Markel Corporation has acquired a majority interest in the Ellicott. Terms were not disclosed. Markel Ventures is based in Richmond Virginia 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.