Century-Old Engine Maker Briggs & Stratton Files Bankruptcy
- KPS private-equity firm is lead bidder to take ownership
- Heavily indebted company cites pressure from pandemic
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Briggs & Stratton Corp., the century-old maker of engines for lawn mowers and garden equipment, filed for bankruptcy with plans to sell its assets to a private equity firm specializing in manufacturers.
KPS Capital Partners, whose portfolio includes TaylorMade golf clubs and Life Fitness gym equipment, has agreed to serve as the lead bidder in a court-supervised auction with a $550 million offer and is contributing to a bankruptcy loan that will keep Briggs & Stratton operating, according to a statement. KPS said it has already negotiated a new contract with the United Steelworkers of America.