On the eve of the 125th anniversary of its founding in 1885, Ellicott Dredge Enterprises, LLC,   announced that Markel Ventures, a subsidiary of Markel Corp.,  has acquired a majority interest in the company. Terms were not disclosed. Markel Ventures is based in Richmond, Va.,and is pursuing an investment strategy of buying controlling interests in companies with leading market positions and strong management teams and holding those interests for the long term.

“This is an excellent fit for us at Ellicott,” said Peter Bowe, president of Ellicott. ”We intend to continue our growth both organically and through acquisitions, as we have in the past. Markel will be a good long-term partner in our infrastructure-oriented businesses.”

As part of the transaction, BB&T Bank extended an expanded working capital line to Ellicott, which has no debt on its balance sheet.

Ellicott will continue to develop its portfolio of niche dredger brands:

• Ellicott, in portable cutter suction dredges;
• IMS, in self-propelled canal and marina sediment solutions;
• Liquid Waste Technology (LWT), for waste water treatment plant sludge management solutions; and
• Mud Cat, in pond and lake dredging, and environmental clean-ups.