Markel Corporation and Costa Farms have announced that they have entered into a definitive agreement for Markel to acquire a majority interest in Costa Farms and its related operating companies. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2017.
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Headquartered in Miami, Florida, Costa Farms is the largest producer of ornamental plants in the world. Founded in 1961 by Jose Costa, Costa Farms is a third-generation, family-owned business that stretches over 4,000 acres globally and employs nearly 5,000 people. Along with thriving indoor and bedding plant divisions, Costa Farms operates merchandising services and young-plant production divisions, with operations domestically in South and Central Florida, North Carolina and South Carolina, and abroad in the Dominican Republic and Asia. Jose Smith, CEO Costa Farms, said, "This partnership with Markel allows us to partner with a company with similar goals and values. We share the same desire to win and provide solutions to our customers."
Markel, through its subsidiary Markel Ventures, makes long term investments in high quality companies. "The Costa family and their team have spent generations building a company that beautifies people's lives and homes with millions of plants and garden flowers each year", said Tom Gayner, Co-CEO Markel Corporation. "We love what they do and the way they go about doing it, and when they approached us looking for a partner to support the continued growth of this incredible company for future generations, we couldn't have been more excited."