Briggs & Stratton has entered into a sale agreement and initiated voluntary company reorganization under Chapter 11. Headquartered in Milkwaukee, the company is the world’s largest manufacturer of gasoline engines for outdoor power equipment and was founded in 1908.
An affiliate of private equity firm KPS Capital Partners will acquire all of the company’s assets and “assume certain customer, employee and vendor liabilities.” In addition, it would serve as a bidder during a forthcoming court-supervised Section 363 sales process.
“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,” says Briggs & Stratton’s chairman, president and CEO Todd Teske.
Briggs & Stratton makes and markets several lawn care brands, including Snapper, Ferris, Billy Goat and Allmand, among others.