Briggs & Stratton filed for Chapter 11 bankruptcy protection in July and entered into an agreement with KPS Capital Partners as part of the filing.
KPS has now acquired substantially all of the assets of Briggs & Stratton Corporation and certain of its wholly-owned subsidiaries, free of the $900m debt burden weighing down the predecessor company.
KPS has put in Steve Andrews as president and chief executive of Briggs & Stratton. KPS and Mr Andrews previously worked together in 2011 to form International Equipment Solutions (IES), a manufacturer of attachment tools, operator cabs and other fabrications for off-highway applications.
KPS co-founder and partner Michael Psaros 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. The company has a new owner, a new CEO, a new board of directors and a renewed focus. 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. KPS will also provide the capital for Briggs & Stratton to pursue strategic acquisitions.”