Briggs & Stratton announced that KPS Capital Partners, through a newly formed subsidiary, has acquired substantially all of the businesses of Briggs & Stratton Corporation and some of its wholly owned subsidiaries.
The sale took place under Section 363 of the United States Bankruptcy Code. The United States Bankruptcy Court for the Eastern District of Missouri formally approved the settlement on September 15, 2020. With the completion of the sale to KPS, the acquired business successfully exited the Chapter 11 bankruptcy proceedings.
Briggs & Stratton will now operate as an independent company with the long-term support of KPS, a leading global private equity investor. KPS, with approximately $ 11.5 billion in assets under management, works to promote the strategic position, competitiveness and profitability of its investments to create world-class industry leaders.
Briggs & Stratton is launched as a well-capitalized company, free from over $ 900 million of its predecessor's legacy obligations and access to the financial resources needed to execute its ambitious business improvement and growth plans.
Briggs & Stratton also announced that Steve Andrews has been named president and chief executive officer of Briggs & Stratton with immediate effect.
Michael Psaros, co-founder and co-managing partner of KPS, said: "This is the beginning of a new era for Briggs & Stratton, a legendary brand in American manufacturing and a leader in its industry. The company has a new owner, a new CEO, a new Board of Directors and a renewed focus. Briggs & Stratton launches with an industry-leading portfolio of products sold under iconic brands, a strong capital structure and access to financial resources and KPS experience to accelerate the Company's growth by increasing its already substantial investments in research and development, technology and new product development KPS will also provide capital to Briggs & Stratton to pursue strategic acquisitions.
KPS is delighted that Steve Andrews will serve as President and CEO of Briggs & Stratton. Steve is an exceptional leader with a proven track record of companies in transformation and growth. We have worked successfully with Steve in the past and look forward to partnering again as the new Briggs & Stratton.
We are grateful to all of the Company's stakeholders for their assistance and cooperation throughout the bankruptcy process. We thank United Steelworkers for their very public support for our acquisition of the Company, ”Psaros concluded.
Andrews added: “I am honored to lead Briggs & Stratton. Free from any legacy liabilities, and with a solid balance sheet and the company's world-class workforce, we have an exceptional opportunity to build on the leading market position. to partner again with KPS, a company that has distinguished itself as a world leader in business transformation and is ideal for this exciting venture. On behalf of the company, I would like to thank former president, president and CEO Todd Teske for his decades of service and many contributions ".