In a letter to partners, Eric Chack, senior vice president of global operations for Briggs & Stratton, said the sale of the company to KPS Capital Partners is complete and Briggs & Stratton has exited from Chapter 11.
KPS Capital Partners is the manager of KPS Special Situations Funds, a family of investment funds with approximately $11.5 billion of assets under management, Chack said in the letter to partners. He said the KPS Funds portfolio companies have aggregate annual revenues of approximately $7.7 billion, operate 146 manufacturing facilities in 26 countries and have nearly 26,000 employees, directly and through joint ventures worldwide.
“Our new owner is committed to building upon Briggs & Stratton’s 110-plus year legacy of providing power to make work easier and improve lives and to providing their expertise and capital to make us an even better supplier to you,” Chack said in the letter. “With a strong balance sheet, Briggs & Stratton will be able to capitalize on its many attractive growth opportunities and continue to make substantial investments in research and development, technology and new product development. We are confident that all of the conditions necessary to create a new thriving enterprise are in place.”
In the letter, Chack also announced operational changes as Steve Andrews has been named president and CEO, effective immediately. KPS and Andrews partnered in 2011 to form International Equipment Solutions. KPS and Andrews managed International Equipment Solutions through a series of acquisitions and growth initiatives. IES has become a leading independent manufacturer of attachment tools, operator cabs and other complex fabrications for off-highway applications.
