Spruce Lake Liability Management acquired Redco Corporation from Crane Holdings, Co. (NYSE:CR) on August 12, 2022. At closing, Crane contributed approximately $550 million in cash to Redco, and Spruce Lake made a capital contribution of $83 million. As part of the transaction, Spruce Lake will assume the operational management of Redco, including the administration of all the asbestos claims and collection of existing insurance policy reimbursements. Ravi Purushotham, Michael Torkin, Jamie Fell and Jonathan Mitnick (M&A / Corporate); William Russell (Litigation); Drew Purcell, Eli Shalam and Matthew Lester (Tax); Toby Chun and Deepa Sarkar (Environmental); Andrew Blau and Charles Pfeifer (ECEB); and Jessica Cohen (IP/Data Privacy) of Simpson Thacher & Bartlett LLP acted as legal advisors to Crane Holdings, Co. (NYSE:CR). Justin King and Mark Maloney of King & Spalding LLP acted as legal advisor to Redco Corporation and Spruce Lake. Evercore acted as exclusive financial advisor to Crane in connection with the transaction, and legal counsel was also provided by Skadden, Arps, Slate, Meagher & Flom LLP; and, K&L Gates LLP. Nomura Securities International, Inc. acted as exclusive financial advisor to Spruce Lake in connection with the transaction.

Spruce Lake Liability Management completed the acquisition of Redco Corporation from Crane Holdings, Co. (NYSE:CR) on August 12, 2022.