The terms of the transaction were not disclosed. Terry Groff, chief executive of Pennsylvania-based Reading, described the deal as a partnership that would enable the company to continue growing.
“After 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,” said Groff.
“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 bakery industry.”
Reading will join AMF Bakery Systems, which is headquartered in Virginia in the US, and Netherlands-based Tromp Bakery Equipment, which AMF acquired in July, under Markel’s banner of bakery industry kit suppliers. The group will be collectively known as the Markel Bakery Group.
Increased international presence
The group would benefit from an increased international presence and the ability to share technological expertise, said Markel.
Ken Newsome, AMF president and chief executive of the group, said: “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.”
Reading supplies equipment ranging from mixers and dough formers to dryers and complete systems, as well as aftercare for the industry. The company last month launched a processing machine capable of handling potato, wheat and corn masa flour-based snacks.