Generac Power Systems, manufacturer of a wider range of generators, is interested in acquiring some of the Briggs & Stratton product lines through Briggs’ Chapter 11 bankruptcy case, reports the Milwaukee Business Journal.
According to the report, Generac filed an objection on Aug. 11 to Briggs’ proposal to run a fast-track bankruptcy auction. Briggs has an agreement with private equity firm KPS Capital Partners as the stalking-horse bidder at $550 million.
According to Generac’s filing, it “is a potential bidder” in the Briggs & Stratton bankruptcy and “has significant interest in acquiring certain assets” of the Briggs business, reports the Business Journal, which goes on to say:
Some of Briggs’ businesses align with and complement Generac product lines, including power generators, light towers, heaters and commercial lawn and garden products, Generac said.
“We view the competitive overlap between Generac and Briggs as minimal,” Generac executive Steve Goran said in an email attached to the Generac filing.
Generac’s filing noted that the company buys engines from Briggs for some outdoor “power chore products.” Generac is listed as a creditor of Briggs for an unspecified amount in a separate filing in the case.
Generac, which posted revenue of $2.2 billion in 2019, manufactures power generation equipment, energy storage systems and other power products for the residential, light commercial and industrial markets.
The full article can be found here.