Plumbing News

Legend Valve Becomes Employee Owned.
Legend Valve & Fitting Inc. Announces Sale to Employee Stock Option Plan (ESOP)

Legend Valve has announced that it has completed the sale of the company to an Employee Stock Ownership Plan (ESOP). This strategic move reflects Legend’s commitment to its employees and the belief in shared ownership as a critical driver of long-term success.

The ESOP transaction was officially closed on November 14, 2023, making Legend Valve & Fitting Inc. an employee-owned company. This decision was driven by the desire to align the employees’ interests with the business’s overall success, fostering a sense of shared responsibility and collaboration.

Employee ownership complements Legend’s mission, core values,

and unwavering focus on astonishing customer service. As owners, Legend Valve & Fitting’s employees will have the rare opportunity to share in the success of the company beyond essential employment. That means each employee-owner will have an even stronger commitment to serving their customers.

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David Hickman, President/CEO, and Walter Jann, Executive VP, expressed enthusiasm about the transition, stating, “After 35 years of leading Legend, we sought to transition to a long-term ownership strategy and sustain continuity of our business.”

As part of their announcement, Legend Valve stated, “We are excited about this critical development in our business. Employee ownership ensures that we will remain an independent, locally operated company. The values that have allowed us to prosper for more than three decades, Downstream Thinking®, will continue unchanged, and the mission that drives our efforts will remain steadfast, allowing us to make a positive impact now and in the future.”

Legend will continue to operate under its existing management team, with David Hickman and Walter Jann leading the way. The company’s day-to-day operations, commitment to innovation, and dedication to delivering exceptional service will remain unchanged.

The ESOP transition marks an important milestone for Legend and its employees. The leadership team is confident that this strategic move will enhance the company’s competitiveness, drive sustained growth, and create long-term value for all stakeholders.