Markel Ventures, Inc. ("Markel") announced the acquisition of a majority interest in Reading Bakery Systems and affiliated entities ("Reading"). Reading, based in Reading, Pennsylvania, is a leading global designer and manufacturer of industrial baking systems for the production of crackers, pretzels, cookies, and other baked snacks. Terms of the transaction were not disclosed.
Terry Groff, CEO of Reading Bakery Systems:
"After over 40 years of building the company my father established, I sought to find a strong partner that would continue to build on all that we have accomplished at Reading. Markel will be that partner. Their strategy of investing in healthy companies and focusing on the long term is an approach that has always appealed to me and is one that will allow us to continue serving our customers in the growing baking industry."
Reading Bakery Systems will join the Markel family of industrial bakery equipment businesses. Reading, AMF Bakery Systems and Tromp Bakery Equipment, now known collectively as the Markel Bakery Group, will benefit from an increased international presence and the ability to share technological expertise.
Ken Newsome, President of AMF and CEO of Markel Bakery Group:
"AMF has been blessed to be part of Markel for seven years and it will be exciting to see Tromp and Reading flourish under the same umbrella."