#USA #Manufacturing #Plano #Asbestos #Legacy Liability

Legacy Liability Solutions LLC Finalizes Acquisition

Legacy Liability Solutions LLC announced the successful completion of an acquisition involving two privately owned former manufacturing companies. This strategic move aims to enhance the management of long-tail liabilities, primarily focused on asbestos-related claims.

On October 6, 2025, Legacy confirmed they acquired 100% of the outstanding shares of these two entities, which previously faced various financial challenges attributed to asbestos liabilities. In conjunction with this acquisition, Legacy and the sellers executed a Stock Purchase Agreement designed to bolster the balance sheets of both companies. This step aims to ensure adequate resources for efficiently managing and resolving the existing liabilities.

The spokesperson for the seller expressed satisfaction with the deal, stating, "We are pleased to complete this transaction with Legacy, whose expertise in asset and liability management makes them the ideal steward for these companies." The transaction also entails the termination of all intercompany agreements between the newly acquired companies and their past affiliates, signaling a clean break and fresh start.

About Legacy Liability Solutions LLC

Legacy is well-known for its specialization in the acquisition and management of companies dealing with long-tail liabilities. Their focus on mass tort liabilities offers a comprehensive solution for entities looking to extricate themselves from legacy exposures. As per the information shared, James Conlan, CEO of Legacy, has made significant strides in the structural optimization and dissociation of entities burdened by mass tort claims.

By transferring ownership to Legacy, the involved public and private companies can absolve themselves of all current and prospective mass tort claims, which may involve claims associated with asbestos, PFAS, talc, herbicides, and pesticides. This sale not only aids in alleviating the contingent liabilities related to GAAP and IFRS for the seller but also provides an opportunity for cleaner financial reporting.

The team at Legacy boasts seasoned executives, including John Gasparovic, formerly associated with BorgWarner, Exide, and Federal-Mogul as the Chief Legal Officer; Doug Dachille, the former Chief Investment Officer at AIG; and Tom Heise, a veteran in the Insurance and Re-Insurance arena.

Moreover, the seller received advisory support from Hogan Lovells US LLP during this transition. This collaboration sets the stage for Legacy to effectively navigate the complexities associated with the inherited liabilities while potentially revitalizing the operational status of the acquired firms.

With this acquisition, Legacy reaffirms its position as a pivotal player in the realm of asset and liability management, taking on the responsibility of these previously troubled manufacturing firms as it moves forward.