Markel Corp. is adding another company based in the Richmond region to its investment portfolio.
Markel, a Henrico County-based specialty insurance company, said Friday that it has agreed to acquire VSC Fire & Security Inc., a Hanover County-based company that inspects and installs safety and protection systems such as alarms, fire sprinklers and security systems for commercial, health care, government and multifamily residential buildings.
Financial terms of the deal were not disclosed. It is expected to close in the fourth quarter.
Founded in 1958 as Virginia Sprinkler Co., VSC was initially managed from the family home of co-founder Roland C. Giles. The name changed to VSC Fire & Security in 2009.
The company has since grown to employ more than 1,200 people at 21 offices in nine states and Washington, D.C. VSC Fire & Security has a presence throughout the Southeast and recently expanded in Arkansas.
The company employs about 150 people at its local office and 30 at its corporate headquarters on Kings Acres Road.
Markel makes investments in businesses that operate outside of the insurance industry through an investment subsidiary, Markel Ventures, which has an investment portfolio of 19 companies.
Other companies based in the Richmond region that are part of the Markel Ventures portfolio include AMF Bakery Systems, Eagle Construction of Virginia, RetailData and PartnerMD.
“At VSC, our customers rely on our work to save property and lives,” said Michael Meehan, the company’s CEO, in a statement.
“The integrity of our people and our work cannot be compromised, and we’ve invested in that since day one,” he said. “When thinking about the next 60 years at VSC, we knew we needed a partner that shared our values and would allow us to continue running VSC the way we have for so long. We are confident Markel is that partner.”