‘No divestitures planned’ Briggs emerges from bankruptcy sale

MILWAUKEE, Wis. — The Briggs & Stratton Corporation announced Tuesday the completion of its sale to KPS Capital Partners as it exits Chapter 11 bankruptcy proceedings.

KPS Capital Partners, through a newly formed affiliate, has acquired substantially all of the assets of Briggs & Stratton and certain portions of its wholly-owned subsidiaries.

Briggs & Stratton has operated a plant in the Poplar Bluff Industrial Park since 1989. At one point, it employed up to 1,500 workers.

Company officials told the Daily American Republic after the Chapter 11 reorganization was announced in mid-July, business would continue as usual at the Poplar Bluff facility.

“KPS and Briggs remain committed to all parts of the business (no divestitures planned) and the engine business,” Rick Carpenter, vice president of corporate marketing and communications, said in an email Tuesday.

According to a news release, 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.

The U.S. Bankruptcy Court for the Eastern District of Missouri formally approved the transaction on Sept. 15. With the completion of the sale to KPS, Briggs & Stratton has successfully exited from its Chapter 11 Bankruptcy proceeding.

Briggs & Stratton announced in July it was selling its assets and filing a Chapter 11 bankruptcy reorganization petition.

That step, Carpenter said earlier, was identified as the “appropriate and necessary one to take to secure our business and financial success moving forward.”

The company now will operate as an independent company with the long-term support of KPS, a leading global private equity investor.

On Tuesday, Briggs & Stratton also announced Steve Andrews had been named president and chief executive officer of the company effective immediately.

“I am honored to lead Briggs & Stratton,” Andrews said. “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.”