Markel Corp. (NYSE: MKL) has purchased home builder Eagle Construction of VA LLC for an undisclosed price.
Glen Allen, Va.-based Markel facilitated the deal through subsidiary Markel Ventures Inc., which makes controlling investments in businesses that operate outside of the parent company’s insurance business.
Eagle Construction, also based in Glen Allen, is made up of several subsidiaries — Eagle Realty, Eagle Commercial Construction and NAI Eagle — and provides a variety of realty and construction services. Separately, the company acts as a real estate asset manager through a joint venture with Markel that began in 2010.
The transaction comes on the cusp of several acquisitions within the housing and home improvement sectors. Most recently, Private equity-backed Roofing Supply Group LLC has purchased two home and commercial construction companies, each based in Tuscaloosa, Ala. Before that, Nova Capital Management Ltd. picked up a suite of hardware businesses owned by Newell Rubbermaid Inc. (NYSE: NWL) for $214 million. And in early August, Littlejohn & Co. LLC closed the purchase of Handy Hardware Wholesale Inc. as part of a recapitalization deal.
Private equity firm Kelso & Co. is also trying to sell Custom Building Products - a sale that if successful, could indicate the slow resurgence of the real estate market, experts say.