Wisconsin-based Briggs & Stratton filed for voluntary reorganization in U.S. bankruptcy court at the time, reporting it had secured $677.5 million in financing to continue operations during the sale and reorganization process. In July, the company’s then-CEO Todd Teske cited the financial effects of the coronavirus pandemic as leading to the decision to file for bankruptcy.
Briggs & Stratton says it will now operate as an independent company with the long-term support of KPS, which has a reported $11.5 billion of assets under management. The company further states it 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.”
Steve Andrews has been named Briggs & Stratton’s president and CEO. KPS and Andrews previously partnered in 2011 to form International Equipment Solutions, which manufacturers attachment tools, operator cabs and other fabrications for off-highway applications.
“This is the beginning of a new era for Briggs & Stratton, a legendary brand in American manufacturing and the leading company in its industry,” says Michael Psaros, co-founder and co-managing partner of 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.” He also noted KPS would fund Briggs & Stratton’s ability to pursue strategic acquisitions.
Psaros also thanked the United Steelworkers for “its very public support of our acquisition.”
Wells Fargo will continue to provide floorplan financing to support Briggs & Stratton’s customers.
Briggs & Stratton brands include Allmand light towers and generators, Ferris mowers and Vanguard engines.