KPS Capital Partners LP, through a newly formed affiliate, has acquired substantially all of the assets of Milwaukee-based Briggs & Stratton Corporation and certain of its wholly-owned subsidiaries. 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. With the completion of the sale to KPS, the acquired business has successfully exited from its Chapter 11 Bankruptcy proceeding.
Briggs & Stratton will now operate as an independent company with the long-term support of KPS, a global private equity investor with about $11.5 billion of assets under management.
Briggs & Stratton named Steve Andrews as president and CEO effective immediately. KPS and Andrews partnered in 2011 to form International Equipment Solutions LLC. Under KPS’ ownership and Andrews’ leadership, IES, through a series of acquisitions and other growth initiatives, transformed two non-core divisions of a large corporation into a highly profitable company. IES became an independent manufacturer of attachment tools, operator cabs and other complex fabrications for off-highway applications.
“I am honored to lead Briggs & Stratton,” says Andrews. “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. 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. 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.”