Markel entered into a definitive agreement to acquire a majority interest in Buckner, a crane rental fleet operator serving commercial contractors in the construction of wind turbines, stadiums, manufacturing facilities and other projects. The transaction is subject to customary closing conditions and is expected to close in Q3/21. Additional terms were not disclosed.

In addition to equipment rental services, Buckner provides its clients with lift planners, field technicians, operators and engineers. Buckner was established in 1947 in Graham, NC, as CP Buckner Steel by Clyde Preston Buckner to install reinforcing rods used in concrete projects. Since that time, the company has grown to employ 220 people across multiple locations.

“For nearly 75 years, we have built and distinguished this company — willing to change and adapt for the good of our employees and our customers, always putting the company and its future first,” Doug Williams, CEO of Buckner, said. “Today, Buckner is in a position of strength and our partnership with Markel adds to that. We gain additional support for our growth ambitions yet change nothing about our approach, remaining the humble, hardworking family we have always been. We are excited to continue as managers and owners of this great business knowing this is the right ‘forever’ decision for Buckner.”

Markel, through its subsidiary Markel Ventures, makes long-term investments in companies.

“Through four generations, Buckner has been family owned and operated, serving the complex needs of its customers in the heavy construction industry each and every day,” Tom Gayner, co-CEO of Markel, said. “When its customers need a lift — and a heavy one at that — Doug, Meredith, Michael and the entire Buckner team are there to make sure the work is done safely, swiftly and in the spirit of partnership, just as you would expect of a business built for the long haul.”