Briggs & Stratton LLC has named Steve Andrews its new president and chief executive officer following its sale to an affiliate of KPS Capital Partners.
A Missouri bankruptcy judge approved the sale last week and the deal closed Monday. The sale allows New York-based KPS to acquire nearly all of the assets of Wauwatosa-based Briggs & Stratton Corp. free and clear of substantially all liens, claims, encumbrances and interests for $550 million. Unsecured creditors were expected to receive 7 to 10 cents on the dollar in recovery.
Andrews replaces Todd Teske, the former chairman, president and CEO of Briggs. A Briggs spokesman said Teske would remain with Briggs & Stratton Corp., the legacy company, until the bankruptcy process is complete.
For more information, see the full article from BizTimes.
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