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Wednesday 26 August 2020

Briggs & Stratton

Briggs & Stratton Enters into Chapter 11 and Sale Agreement

Milwaukee's Briggs & Stratton (founded in 1908), a "recognized global leader in providing power to get work done," has entered into a definitive stock and asset purchase agreement with New York based equity investor KPS Capital Partners, LP (KPS).

Under the terms of the agreement, an affiliate of KPS formed for purposes of this transaction has agreed to acquire substantially all of the company's assets and assume certain customer, employee and vendor liabilities, and will act as the stalking-horse bidder through a court-supervised sale process (known as a Section 363 process). Among other things, the sale agreement is subject to higher or better bids from other potential purchasers.
Todd Teske, Briggs & Stratton's Chairman, President and Chief Executive Officer, stated: "Over the past several months, we have explored multiple options with our advisors to strengthen our financial position and flexibility. The challenges we have faced during the COVID-19 pandemic have made reorganization the difficult but necessary and appropriate path forward to secure our business. It also gives us support to execute on our strategic plans to bring greater value to our customers and channel partners. Throughout this process, Briggs & Stratton products will continue to be produced, distributed, sold and fully backed by our dedicated team."