The financings are subject to completion of the acquisition and customary closing conditions. 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. 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. 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. 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. I understand that I can opt-out of receiving these communications at any time. The U.S. Bankruptcy Court for the Eastern District of Missouri formally approved the transaction on September 15, 2020. At that time, KPS was […] The new Briggs & Stratton will be conservatively capitalized and not encumbered by its predecessor’s significant liabilities. KPS and Mr. Andrews partnered in 2011 to form International Equipment Solutions, LLC (“IES”). In mid-September a federal bankruptcy court judge approved the sale of Briggs & Stratton’s assets to KPS Capital Partners, a private equity firm. https://www.kpsfund.com/investments/active-investments/briggs-stratton We are confident that all of the conditions necessary to create a new thriving going concern enterprise are in place,” Mr. Psaros concluded. MILWAUKEE, July 20, 2020 /PRNewswire/ -- The United Steelworkers (USW) today said that KPS Capital Partners' (KPS) acquisition of Briggs & Stratton … One Vanderbilt Avenue, 52nd Floor Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents. 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. 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. 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. «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. Certain information on or linked to from this site is furnished by or is derived from materials furnished by outside sources. Private equity firm KPS Capital Partners has finalized its purchase of all assets of Briggs & Stratton, which filed for Chapter 11 bankruptcy in July. 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”). 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 … (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. Mr. Andrews said, “I am honored to lead Briggs & Stratton. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. The new CBA, an exclusive agreement between KPS and the USW, will become effective upon completion of the acquisition. 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. 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. 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. 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. 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). 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. Any statements and quotes from third-parties are not selected on the basis of any performance-based data. 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. 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”). “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. KPS TO PARTICIPATE IN COMPANY’S DIP FINANCING TO SUPPORT OPERATIONS, REACHES TENTATIVE AGREEMENT WITH THE UNITED STEELWORKERS OF AMERICA. “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*. We thank the United Steelworkers for its very public support of our acquisition of the Company,» Mr. Psaros concluded. We recommend moving this block and the preceding CSS link to the HEAD of your HTML file. Steve is an outstanding leader with a demonstrated track record of transforming and growing companies. 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. */. For information on our data processing practices, please read our privacy policy here. “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. New York, NY 10017 KPS, through an affiliate, has also agreed to invest $265 million in a FILO tranche of Briggs & Stratton’s Debtor in Possession (“DIP”) financing to support the Company’s operations. 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. 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 Capital Partners has closed its buy of small engine manufacturer Briggs & Stratton, including the equity of foreign subsidiaries, for approximately $550 million. KPS intends to grow the new Briggs & Stratton aggressively through 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, … Any information presented by outside sources represents the understandings and opinions of such outside sources, which may differ from those of KPS. KPS … The stalking horse bid by KPS Capital Partners is $550 million cash via one of their entities, Bucephalus Buyer LLC. "KPS is delighted that Steve Andrews will serve as President and CEO of Briggs & Stratton. Briggs entered into a definitive stock and asset purchase agreement with KPS Capital Partners on July 20. KPS will also provide the capital for Briggs & Stratton to pursue strategic acquisitions». “We thank the United Steelworkers of America for its support of our acquisition of the Company. The company had in fact launched into a courageous restructuring of the portfolio, which relaunched the Vanguard prices and proposed the Battery Pack. 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. This is where KPS comes in, intent on re-launching and asserting Briggs&Stratton’s harmony with the OEMs. 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. T: 212.338.5100 | F: 646.307.7100. Unfortunately, the coronavirus apocalypse came as an axe to cut the good business intentions. The official website of the Federal Trade Commission, protecting America’s consumers for over 100 years. KPS to buy Briggs&Stratton, this is the news that has brightened the powertrain business sky, obscured by the clouds of lockdown. KPS will also provide the capital for Briggs & Stratton to pursue strategic acquisitions. … 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 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… 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. By clicking "Sign Up" I consent to receiving KPS Press Releases and Announcements. «KPS is delighted that Steve Andrews will serve as President and CEO of Briggs & Stratton. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. 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. The Vanguard Engines & Battery Power was an event full of surprises. "KPS is committed to the expeditious acquisition of Briggs & … 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. 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. With the completion of the sale to KPS, the Acquired Business has successfully exited from its Chapter 11 Bankruptcy proceeding. 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. 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. We have worked successfully with Steve in the past and look forward to collaborating again as the new Briggs & Stratton». 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. Last month, United Steelworkers, which represents employees at Briggs & Stratton, said KPS’s acquisition of the engine-maker will save hundreds of jobs … The Company has a new owner, a new CEO, a new Board of Directors and a renewed focus. KPS and Mr. Andrews have a history of successfully working together to create, operate and grow world-class businesses. 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. For over two decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. 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 … 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. #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; } “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. 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. 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. Kirkland & Ellis LLP is acting as legal counsel to KPS with respect to the transaction. © Copyright 2020, KPS Capital Partners, LP. IES became a leading independent manufacturer of attachment tools, operator cabs and other complex fabrications for off-highway applications. /* Add your own Mailchimp form style overrides in your site stylesheet or in this style block. 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. “We have expended an enormous amount of effort, resources and capital on this process to date. The five Swedish declensions, Hi, Martin. The Covid-19 was particularly inauspicious for the Milwaukee-based engine maker. By way of background, Briggs & Stratton (OTCPK:BGGSQ) filed for Chapter 11 on July 20, 2020 with KPS Capital Partners as … Briggs & Stratton also announced that Steve Andrews has been named President and Chief Executive Officer of Briggs & Stratton effective immediately. Find the latest Briggs & Stratton Corporation (BGGSQ) stock quote, history, news and other vital information to help you with your stock trading and investing. Briggs & Stratton filed for bankruptcy (docket 1) in St. Louis with Judge Barry Schermer hearing the case. Global Settlement. «We are grateful to all of the Company’s stakeholders for their assistance and cooperation throughout the bankruptcy process. For additional information, please visit www.basco.com and www.briggsandstratton.com. 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. Following court approval, the DIP facility will ensure that Briggs & Stratton has sufficient liquidity to continue normal operations and continue to meet its financial obligations during the Chapter 11 process, including the timely payment of employee wages and benefits, continued servicing of customer orders and shipments, and other obligations. A post can't be all inclusive. Briggs & Stratton Corporation (NYSE: BGG), headquartered in Milwaukee, Wisconsin, is focused on providing power to get work done and make people's lives better. 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. We look forward to accelerating the Company’s growth by increasing its already substantial investment in research and development, technology and new product development. We publish paper magazines…, An engine relsated article would be more interesting if it included economical…. The sale's closing is expected to … 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. A bankruptcy court judge has approved the sale of Briggs & Stratton Corp. to KPS Capital Partners, a New York private equity firm. Briggs & Stratton will now operate as an independent company with the long-term support of KPS, a global private equity investor. 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. 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. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. 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. 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