RICHMOND, VA. — With its latest acquisition of Reading Bakery Systems, Robesonia, Pa., Markel Ventures, a subsidiary of Markel Corp., Richmond, Va., formed the Markel Bakery Group. Along with Reading Bakery Systems, member companies include AMF Bakery Systems, Richmond, Va., and Tromp Bakery Equipment, Gorinchen, The Netherlands.
Ken Newsome, president of AMF, will also serve as chief executive officer of Markel Bakery Group.
“We at AMF have been blessed to be part of Markel Ventures for seven years, so we have already benefited from the support of a partner with significant capital and a long-term horizon,” Mr. Newsome said. “It will be exciting to see how Tromp and Reading flourish under this same umbrella and the formation of the Bakery Group underscores our commitment to a long term strategy.”
E. Terry Groff, c.e.o. of Reading Bakery Systems and a board member of the newly formed Markel Bakery Group, added, “Another significant benefit of the Markel Bakery Group will be the sharing of technology. The synergies and collaborative opportunities within the Group will support our commitment to lead with innovation.”
AMF, Reading Bakery Systems, and Tromp will operate as independent companies, but they will benefit from Markel Bakery Group’s international presence.
“We have built a strong infrastructure in key markets such as Europe and Asia Pacific,” Mr. Newsome said. “Our plans for expanding this presence into other key international markets will be an advantage for all the Group companies and their customers.”