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. 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. I understand that I can opt-out of receiving these communications at any time. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. 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. The new CBA, an exclusive agreement between KPS and the USW, will become effective upon completion of the acquisition. 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. Briggs & Stratton enjoys a leading market position, scale, a global manufacturing footprint, world-class design and engineering capabilities, and a portfolio of industry-leading products sold under iconic brand names. The financings are subject to completion of the acquisition and customary closing conditions. Upon the entry of a final order approving the DIP facility, KPS will have the right to “credit bid” its $265 million participation in the DIP financing in connection with the proposed acquisition of Briggs & Stratton. 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. Any statements and quotes from third-parties are not selected on the basis of any performance-based data. Global Settlement. Briggs & Stratton launches as a well-capitalized company, unencumbered by over $900 million of its predecessor’s legacy obligations, and access to the financial resources required to execute its ambitious business improvement and growth plans. “KPS is committed to the expeditious acquisition of Briggs & Stratton to provide certainty of outcome and confidence in the new Company’s future for all of its stakeholders, … By way of background, Briggs & Stratton (OTCPK:BGGSQ) filed for Chapter 11 on July 20, 2020 with KPS Capital Partners as … The new Briggs & Stratton will be conservatively capitalized and not encumbered by its predecessor’s significant liabilities. We are confident that all of the conditions necessary to create a new thriving going concern enterprise are in place,” Mr. Psaros concluded. 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 is committed to the expeditious acquisition of Briggs & Stratton to provide certainty of outcome and confidence in the new company’s future for all of its stakeholders, … Receive KPS Press Releases and Announcements, Type the characters in the security code below*. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. For information on our data processing practices, please read our privacy policy here. KPS will also provide the capital for Briggs & Stratton to pursue strategic acquisitions». 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. /* Add your own Mailchimp form style overrides in your site stylesheet or in this style block. No reliance may be placed for any purpose on the information and opinions contained in such materials or their accuracy or completeness and nothing in such materials may be relied upon in making any investment decision. … In mid-September a federal bankruptcy court judge approved the sale of Briggs & Stratton’s assets to KPS Capital Partners, a private equity firm. 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. 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. Briggs & Stratton filed for bankruptcy (docket 1) in St. Louis with Judge Barry Schermer hearing the case. 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. KPS to buy Briggs&Stratton, this is the news that has brightened the powertrain business sky, obscured by the clouds of lockdown. 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. IES became a leading independent manufacturer of attachment tools, operator cabs and other complex fabrications for off-highway applications. KPS Press Release 8-K Briggs & Stratton, a Missouri- and Wisconsin-based producer of gasoline engines for outdoor power equipment and several affiliates filed chapter 11 petitions today, July 20, in the bankruptcy court for the Eastern District of Missouri, reporting $1 … The company had in fact launched into a courageous restructuring of the portfolio, which relaunched the Vanguard prices and proposed the Battery Pack. "KPS is delighted that Steve Andrews will serve as President and CEO of Briggs & Stratton. MILWAUKEE, July 20, 2020 /PRNewswire/ -- The United Steelworkers (USW) today said that KPS Capital Partners' (KPS) acquisition of Briggs & Stratton … This is where KPS comes in, intent on re-launching and asserting Briggs&Stratton’s harmony with the OEMs. 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 … At that time, KPS was […] 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. Briggs & Stratton will now operate as an independent company with the long-term support of KPS, a global private equity investor. 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. #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; } The official website of the Federal Trade Commission, protecting America’s consumers for over 100 years. KPS will also provide the capital for Briggs & Stratton to pursue strategic acquisitions. “KPS is committed to the expeditious acquisition of Briggs & Stratton to provide certainty of outcome and confidence in the new Company’s future for all of its stakeholders, including customers, employees and suppliers. Any information presented by outside sources represents the understandings and opinions of such outside sources, which may differ from those of KPS. */. "KPS is committed to the expeditious acquisition of Briggs & … Private equity firm KPS Capital Partners has finalized its purchase of all assets of Briggs & Stratton, which filed for Chapter 11 bankruptcy in July. With the completion of the sale to KPS, the Acquired Business has successfully exited from its Chapter 11 Bankruptcy proceeding. T: 212.338.5100 | F: 646.307.7100. Mr. Andrews said, “I am honored to lead Briggs & Stratton. Steve is an outstanding leader with a demonstrated track record of transforming and growing companies. 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 Capital Partners has closed its buy of small engine manufacturer Briggs & Stratton, including the equity of foreign subsidiaries, for approximately $550 million. Briggs entered into a definitive stock and asset purchase agreement with KPS Capital Partners on July 20. © Copyright 2020, KPS Capital Partners, LP. Briggs & Stratton is the world's largest producer of gasoline engines for outdoor power equipment, and is a leading designer, manufacturer and marketer of power generation, pressure washer, lawn and garden, turf care and job site products through its Briggs & Stratton®, Simplicity®, Snapper®, Ferris®, Vanguard®, Allmand®, Billy Goat®, Murray®, Branco® and Victa® brands. KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with over $12.0 billion of assets under management (as of September 30, 2020). Last month, United Steelworkers, which represents employees at Briggs & Stratton, said KPS’s acquisition of the engine-maker will save hundreds of jobs … “We thank the United Steelworkers of America for its support of our acquisition of the Company. KPS … 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 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. “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. 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”). The stalking horse bid by KPS Capital Partners is $550 million cash via one of their entities, Bucephalus Buyer LLC. KPS and Mr. Andrews have a history of successfully working together to create, operate and grow world-class businesses. We have worked successfully with Steve in the past and look forward to collaborating again as the new Briggs & Stratton». 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. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in such materials. KPS and Mr. Andrews partnered in 2011 to form International Equipment Solutions, LLC (“IES”). 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. “KPS brings experience and a long-term business plan geared toward keeping our plant viable and employment secure.” USW District 2 Director Michael Bolton praised the union workers for standing together and keeping focused on working safely throughout Briggs & Stratton… Certain information on or linked to from this site is furnished by or is derived from materials furnished by outside sources. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com. 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