We are confident that all of the conditions necessary to create a new thriving going concern enterprise are in place,” Mr. Psaros concluded. For information on our data processing practices, please read our privacy policy here. «We are grateful to all of the Company’s stakeholders for their assistance and cooperation throughout the bankruptcy process. “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. 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,” said Michael Psaros, co-founder and co-managing partner of KPS, in a statement. One Vanderbilt Avenue, 52nd Floor KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. The stalking horse bid by KPS Capital Partners is $550 million cash via one of their entities, Bucephalus Buyer LLC. Certain information on or linked to from this site is furnished by or is derived from materials furnished by outside sources. “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, … Briggs & Stratton also announced that Steve Andrews has been named President and Chief Executive Officer of Briggs & Stratton effective immediately. We thank the United Steelworkers for its very public support of our acquisition of the Company,» Mr. Psaros concluded. We look forward to accelerating the Company’s growth by increasing its already substantial investment in research and development, technology and new product development. At that time, KPS was […] KPS Capital Partners has closed its buy of small engine manufacturer Briggs & Stratton, including the equity of foreign subsidiaries, for approximately $550 million. 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 is committed to the expeditious acquisition of Briggs & … 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 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 … "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. 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. We recommend moving this block and the preceding CSS link to the HEAD of your HTML file. 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. 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. 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. Steve is an outstanding leader with a demonstrated track record of transforming and growing companies. 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. KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with over $12.0 billion of assets under management (as of September 30, 2020). Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents. New York, NY 10017 With the completion of the sale to KPS, the Acquired Business has successfully exited from its Chapter 11 Bankruptcy proceeding. Steve Andrews assumed the position of Briggs & Stratton's President and CEO just over a month ago after most recently serving as CEO of International Equipment Solutions LLC. (function($) {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. 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. By way of background, Briggs & Stratton (OTCPK:BGGSQ) filed for Chapter 11 on July 20, 2020 with KPS Capital Partners as … 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. Global Settlement. «KPS is delighted that Steve Andrews will serve as President and CEO of Briggs & Stratton. 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 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. 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. T: 212.338.5100 | F: 646.307.7100. 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. 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 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. “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 statements and quotes from third-parties are not selected on the basis of any performance-based data. 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. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. 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. Receive KPS Press Releases and Announcements, Type the characters in the security code below*. 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. 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. 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. 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. 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. “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 company had in fact launched into a courageous restructuring of the portfolio, which relaunched the Vanguard prices and proposed the Battery Pack. 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. Kirkland & Ellis LLP is acting as legal counsel to KPS with respect to the transaction. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. The sale's closing is expected to … MILWAUKEE, July 20, 2020 /PRNewswire/ -- The United Steelworkers (USW) today said that KPS Capital Partners' (KPS) acquisition of Briggs & Stratton … © Copyright 2020, KPS Capital Partners, LP. 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. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions. 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 Corporation (NYSE: BGG), headquartered in Milwaukee, Wisconsin, is focused on providing power to get work done and make people's lives better. For additional information, please visit www.basco.com and www.briggsandstratton.com. 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 thank the United Steelworkers of America for its support of our acquisition of the Company. 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. 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. Mr. Andrews said, “I am honored to lead Briggs & Stratton. The new CBA, an exclusive agreement between KPS and the USW, will become effective upon completion of the acquisition. By clicking "Sign Up" I consent to receiving KPS Press Releases and Announcements. 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”). We publish paper magazines…, An engine relsated article would be more interesting if it included economical…. /* Add your own Mailchimp form style overrides in your site stylesheet or in this style block. https://www.kpsfund.com/investments/active-investments/briggs-stratton 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 will now operate as an independent company with the long-term support of KPS, a global private equity investor. 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. A post can't be all inclusive. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com. 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. 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. 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. The financings are subject to completion of the acquisition and customary closing conditions. KPS and Mr. Andrews have a history of successfully working together to create, operate and grow world-class businesses. «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. */. 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. The Company has a new owner, a new CEO, a new Board of Directors and a renewed focus. 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; } We have worked successfully with Steve in the past and look forward to collaborating again as the new Briggs & Stratton». 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. Briggs & Stratton filed for bankruptcy (docket 1) in St. Louis with Judge Barry Schermer hearing the case. 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. KPS … 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. 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