Kirkland Represents KPS Capital Partners on Acquisition of Briggs & Stratton Corporation for $550 Million
Kirkland advised KPS Capital Partners, LP, through a newly formed affiliate, on its agreement with Briggs & Stratton Corporation (NYSE: BGG) and certain of its wholly-owned subsidiaries for KPS to acquire substantially all of the assets of Briggs & Stratton, including equity of foreign subsidiaries, for approximately $550 million. Briggs & Stratton has filed a motion with the United States Bankruptcy Court for the Eastern District of Missouri seeking the designation of KPS as the stalking horse bidder in a sale motion as part of the Company's filing of voluntary petitions under Chapter 11 of the Bankruptcy Code today. Briggs & Stratton expects to sell its assets through a court-supervised sale process under Section 363 of the Bankruptcy Code. KPS, through an affiliate, has also agreed to invest $265 million in a FILO tranche of Briggs & Stratton's Debtor in Possession ("DIP") financing to support the Company's operations.
Read the KPS press release
The Kirkland team was led by transactional partner Joshua Kogan and associates Lukas Richards, Mo Green, Amanda Gottlieb and Alastair Smith; debt finance partners Melissa Hutson and Yuli Wang and associate Ashley Kerr; restructuring partners Chad Husnick and Gregory Pesce and associates Claire Stephens and Guy Macarol; and tax partner Benjamin Schreiner and associate Tara Rhoades.
