Oak Value Capital Management CEO and Chairman George W. Brumley III died in a plane crash in Kenya this weekend according to news reports. Brumley joined with David R. Carr, Jr. to start managing money in 1986 and the pair went on to found the Durham, North Carolina fund shop in 1990.

Brumley, who was 42 years old, had been on a family tour of Africa and was one of 12 family members and 14 people killed when the group's chartered, twin-engine Fairchild turboprop, crashed into Point Lenana, the third-highest peak on Mount Kenya. The accident took place 16,000 feet up the peak and happened just before sunset Saturday in cloudy weather, according to the Associated Press.

Rescuers were unable to reach the plane on Sunday due to poor weather conditions and difficult terrain and were expected to make another effort today.

Also among those killed were his wife Julia ,their two children George IV and Jordan and his parents Dr. George Brumley II and Jean. Also the plane was Brumley's sister and members of her immediate family, according to the Charlotte Observer.

Brumley and Carr partnered together after attending graduate programs in North Carolina. Brumley earned an MBA at Duke University's Fuqua School of Business and Carr received a Juris Doctor at nearby the University of North Carolina.

The pair followed a value investing style that mimicked that of Warren Buffett. Brumley became a friend of Buffett who was his father's classmate at Columbia University in the 1950s.

Brumley was also an avid hunter and enthusiastic conservationist. He served on the board of the North Carolina state chapter of the Nature Conservancy and was a board member and trustee Treasurer for the Durham Academy. Both his son and daughter were enrolled at the school. 

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