By way of background, Briggs & Stratton (OTCPK:BGGSQ) filed for Chapter 11 on July 20, 2020 with KPS Capital Partners as … The Company has a new owner, a new CEO, a new Board of Directors and a renewed focus. KPS will also provide the capital for Briggs & Stratton to pursue strategic acquisitions. KPS is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $11.5 billion of assets under management (as of June 30, 2020).For further information, we would like to re-launch the press release, which dates back to 23 September. Briggs & Stratton said it encouraged KPS and J.P. Morgan Chase, which is the leader of Briggs’ bank group, to make concessions that would improve financial recoveries to unsecured creditors. «We are grateful to all of the Company’s stakeholders for their assistance and cooperation throughout the bankruptcy process. “We thank the United Steelworkers of America for its support of our acquisition of the Company. A bankruptcy court judge has approved the sale of Briggs & Stratton Corp. to KPS Capital Partners, a New York private equity firm. Steve is an outstanding leader with a demonstrated track record of transforming and growing companies. This is where KPS comes in, intent on re-launching and asserting Briggs&Stratton’s harmony with the OEMs. #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; } Briggs & Stratton will now operate as an independent company with the long-term support of KPS, a leading global private equity investor with a demonstrated track record of successfully transforming businesses and creating profitable, growing companies. Any information presented by outside sources represents the understandings and opinions of such outside sources, which may differ from those of KPS. KPS, with approximately $11.5 billion of assets under management, works to advance the strategic position, competitiveness and profitability of its investments to create world-class, industry-leading companies. Briggs & Stratton Corp. completed its sale to an affiliate of New York-based private equity firm KPS Capital Partners on Monday, according to securities filings. Briggs entered into a definitive stock and asset purchase agreement with KPS Capital Partners on July 20. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. In mid-September a federal bankruptcy court judge approved the sale of Briggs & Stratton’s assets to KPS Capital Partners, a private equity firm. Global Settlement. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. A post can't be all inclusive. I understand that I can opt-out of receiving these communications at any time. Briggs & Stratton will now operate as an independent company with the long-term support of KPS, a global private equity investor. MILWAUKEE — After emerging from Chapter 11 restructuring as a new company with a new owner and a new CEO, Briggs & Stratton LLC, a company with a 113-year legacy, also has a new beginning. We intend to capitalize on the Company’s many attractive growth opportunities and to support its already substantial investment in research and development, technology and new product development. MILWAUKEE, WI (September 23, 2020) – Briggs & Stratton, a recognized global leader in providing power to get work done, announced today that KPS Capital Partners, LP (“KPS”), through a newly formed affiliate, has acquired substantially all of the assets of Briggs & Stratton Corporation and certain of its wholly-owned subsidiaries (collectively, “Briggs & Stratton”, the “Company” or the “Acquired Business”). Briggs & Stratton launches with a portfolio of industry-leading products sold under iconic brand names, a rock solid capital structure and access to KPS’ financial resources and expertise. KPS Stalking Horse for Briggs & Stratton July 24, 2020 No Comment KPS Capital Partners has agreed to acquire the assets of small engine manufacturer Briggs & Stratton, including the equity of foreign subsidiaries, for approximately $550 million. We look forward to accelerating the Company’s growth by increasing its already substantial investment in research and development, technology and new product development. Wells Fargo is continuing to provide floorplan financing to support Briggs & Stratton’s customers and a syndicate of banks including Wells Fargo, Bank of America, BMO Harris Bank and PNC Business Credit provided exit financing for the Company. The stalking horse bid by KPS Capital Partners is $550 million cash via one of their entities, Bucephalus Buyer LLC. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. Further, Wells Fargo has agreed to continue to provide floorplan financing to support Briggs & Stratton’s customers under KPS’ ownership, and a syndicate of banks including Wells Fargo, Bank of America, BMO Harris Bank and PNC Business Credit has committed to provide exit financing to Briggs & Stratton. The Vanguard Engines & Battery Power was an event full of surprises. Under KPS’ ownership and Mr. Andrews’ leadership, IES, through a series of acquisitions and other growth initiatives, transformed two non-core divisions of a large corporation into a thriving, highly profitable company. We have worked successfully with Steve in the past and look forward to collaborating again as the new Briggs & Stratton». I am also pleased to partner and collaborate again with KPS, a firm that has distinguished itself as a global leader in transforming businesses and is ideally suited for this exciting venture. Any performance information included in any document on or linked to from this site is presented for illustrative purposes only and is not indicative of the future returns of any of the funds managed by KPS and there can be no assurance that such funds will achieve comparable results, be able to avoid losses or be able to implement their investment strategies. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';fnames[1]='FNAME';ftypes[1]='text';fnames[2]='LNAME';ftypes[2]='text';fnames[3]='MMERGE3';ftypes[3]='text';fnames[4]='MMERGE4';ftypes[4]='text';fnames[5]='MMERGE5';ftypes[5]='text';}(jQuery));var $mcj = jQuery.noConflict(true); KPS to buy Briggs&Stratton for a long-term strategy, Ricardo UK wins funding to improve efficiency of electric vehicles, New Red Funnel catamaran with MTU engines is ready to sail, Volvo Penta and efficiency. Free of any legacy liabilities, and with a strong balance sheet and the Company’s world-class workforce, we have an exceptional opportunity to build upon the Company’s leading market position. One Vanderbilt Avenue, 52nd Floor Last Week KPS Acquired Briggs and Stratton - AND Humvee-maker AM General Original source: Defense News WASHINGTON — Humvee-maker AM General has been acquired by KPS Capital Partners, a private equity firm known for buying financially distressed manufacturers, the … Briggs & Stratton has filed a motion with the United States Bankruptcy Court for the Eastern District of Missouri seeking the designation of KPS as the stalking horse bidder in a sale motion as part of the Company’s filing of voluntary petitions under Chapter 11 of the Bankruptcy Code today. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. KPS … The financings are subject to completion of the acquisition and customary closing conditions. We recommend moving this block and the preceding CSS link to the HEAD of your HTML file. For information on our data processing practices, please read our privacy policy here. The company had in fact launched into a courageous restructuring of the portfolio, which relaunched the Vanguard prices and proposed the Battery Pack. The Company and its stakeholders will benefit from KPS’ demonstrated commitment to manufacturing excellence, continuous improvement, global network, access to capital and significant financial resources. KPS also announced that it has entered into an agreement in principle with the United Steelworkers of America (the “USW”) with respect to a new collective bargaining agreement (“CBA”) for Briggs & Stratton hourly employees represented by the union at the Company’s manufacturing facilities in Wisconsin. Mr. Andrews said, “I am honored to lead Briggs & Stratton. New York, NY (July 20, 2020) -- KPS Capital Partners, LP (“KPS”) announced today that, through a newly formed affiliate, it has entered into an asset purchase agreement with Briggs & Stratton Corporation (NYSE: BGG) and certain of its wholly-owned subsidiaries (collectively, “Briggs & Stratton” or the “Company”) under which KPS will acquire substantially all of the assets of Briggs & Stratton, including equity of foreign subsidiaries, for approximately $550 million. Briggs & Stratton launches with a portfolio of industry-leading products sold under iconic brand names, a rock solid capital structure and access to KPS’ financial resources and expertise. With the completion of the sale to KPS, the Acquired Business has successfully exited from its Chapter 11 Bankruptcy proceeding. KPS TO PARTICIPATE IN COMPANY’S DIP FINANCING TO SUPPORT OPERATIONS, REACHES TENTATIVE AGREEMENT WITH THE UNITED STEELWORKERS OF AMERICA. Briggs & Stratton filed for bankruptcy (docket 1) in St. Louis with Judge Barry Schermer hearing the case. Briggs & Stratton announced that KPS Capital Partners LP, through a newly formed affiliate, has acquired substantially all the assets of Briggs & Stratton Corp. and certain of its wholly owned subsidiaries. “KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions,” said Michael Psaros, co-founder and co-managing partner of KPS, in a statement. The new Briggs & Stratton will be conservatively capitalized and not encumbered by its predecessor’s significant liabilities. IES became a leading independent manufacturer of attachment tools, operator cabs and other complex fabrications for off-highway applications. Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents. The official website of the Federal Trade Commission, protecting America’s consumers for over 100 years. KPS does not assume responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. The information set forth in the materials on this site is as of September 30, 2020 and does not purport to be a complete summary of KPS or its investments. Briggs & Stratton Corporation (NYSE: BGG), headquartered in Milwaukee, Wisconsin, is focused on providing power to get work done and make people's lives better. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. … The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. By clicking "Sign Up" I consent to receiving KPS Press Releases and Announcements. Last month, United Steelworkers, which represents employees at Briggs & Stratton, said KPS’s acquisition of the engine-maker will save hundreds of jobs … 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 the leading company in its industry. The Covid-19 was particularly inauspicious for the Milwaukee-based engine maker. Under the terms of the agreement, an affiliate of KPS formed for purposes of this transaction agreed to acquire substantially allof the Briggs & Stratton assets and assume certain customer, employee and vendor liabilities. KPS Capital Partners has closed its buy of small engine manufacturer Briggs & Stratton, including the equity of foreign subsidiaries, for approximately $550 million. The five Swedish declensions, Hi, Martin. Briggs & Stratton also announced that Steve Andrews has been named President and Chief Executive Officer of Briggs & Stratton effective immediately. A U.S. Bankruptcy Court judge in September 2020 approved the sale of Briggs & Stratton to New York City private equity firm KPS Capital Partners. «On behalf of the Company, I would like to thank former Chairman, President and CEO Todd Teske for his decades of service and many contributions,» Mr. Andrews concluded. KPS acquired the assets free and clear of substantially all liens, claims, encumbrances and interests through a sale under Section 363 of the United States Bankruptcy Code. KPS and Mr. Andrews have a history of successfully working together to create, operate and grow world-class businesses. On July 20th, Briggs & Stratton voluntarily filed for Chapter 11 bankruptcy protection to allow the company and its creditors to work out a reorganization plan. https://www.kpsfund.com/investments/active-investments/briggs-stratton The sale's closing is expected to … Private equity firm KPS Capital Partners has finalized its purchase of all assets of Briggs & Stratton, which filed for Chapter 11 bankruptcy in July. Steve Andrews assumed the position of Briggs & Stratton's President and CEO just over a month ago after most recently serving as CEO of International Equipment Solutions LLC. Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, “We are very excited to acquire Briggs & Stratton, a legendary brand in American manufacturing and the leading company in its industry. The KPS Funds’ portfolio companies have aggregate annual revenues of approximately $10.3 billion, operate 158 manufacturing facilities in 22 countries, and have over 32,000 employees, directly and through joint ventures worldwide. About Briggs & Stratton With over 110 years of experience, Briggs & Stratton is trusted by millions of people around the globe and backed by the largest service network in the industry. /* Add your own Mailchimp form style overrides in your site stylesheet or in this style block. KPS will also provide the capital for Briggs & Stratton to pursue strategic acquisitions». «KPS is delighted that Steve Andrews will serve as President and CEO of Briggs & Stratton. The U.S. Bankruptcy Court for the Eastern District of Missouri formally approved the transaction on September 15, 2020. Briggs & Stratton, a recognized global leader in providing power to get work done, announced today that KPS Capital Partners, LP (“KPS”), through a newly formed affiliate, has acquired substantially all of the assets of Briggs & Stratton Corporation and certain of its wholly-owned subsidiaries (collectively, “Briggs & Stratton”, the “Company” or the “Acquired Business”). Receive KPS Press Releases and Announcements, Type the characters in the security code below*. T: 212.338.5100 | F: 646.307.7100. The new CBA, an exclusive agreement between KPS and the USW, will become effective upon completion of the acquisition. 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