Enstar Acquires Dana Companies For $91.5M

January 2, 2017

Enstar Group Limited announced that Enstar Holdings [US] Inc. has acquired Dana Companies, LLC  from Dana Incorporated  for a total purchase price of $91.5 million.

“Dana is a world leader in the supply of highly engineered drivetrain, sealing, and thermal-management technologies for vehicles,” Enstar said.

“Dana Companies holds liabilities associated with personal injury asbestos claims and environmental claims arising from its legacy manufacturing operations. Dana Companies’ assets include, among others, insurance rights related to coverage against these liabilities and marketable securities.”

Enstar financed the transaction through a drawing under its revolving credit facility.

Dominic Silvester, Enstar’s Chief Executive Officer, said, “The Dana Companies acquisition complements our core business of managing legacy liabilities and our specific expertise in asbestos, and we are pleased to have worked with Dana to provide an effective resolution to the asbestos liabilities arising from historic operations.

“This is the first time Enstar has acquired a company outside of the insurance industry, demonstrating our ability to deliver legacy and capital release solutions to this broader market sector as we continue to grow our business.”

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