In the wake of its impending sale to KPS Capital Partners, Briggs & Stratton is getting new executive leadership. Stephen Andrews, who had been CEO of another KPS company, International Equipment Solutions, has been named CEO and president of Briggs & Stratton Corp.
He succeeds Todd Teske, who had been chairman, president and CEO since 2010 and had served in other senior management positions after joining the company in 1996.
Andrews has extensive experience in the industry, including as president and CEO of Pettibone from 2007 to 2011. Prior to that, he was vice president and general manager of Hendrickson, and began his career in 1989 as an account executive at Dana.
Briggs entered into a definitive stock and asset purchase agreement with KPS Capital Partners on July 20. Under the terms of the agreement, an affiliate of KPS formed for purposes of this transaction agreed to acquire substantially allof the Briggs & Stratton assets and assume certain customer, employee and vendor liabilities. The sale agreement was subject to higher or better bids from other potential purchasers, but on Sept. 16, a bankruptcy court judge approved the sale to KPS.
The deal was expected to close within 10 days.