Briggs & Stratton
has acquired a minority stake in Accelerated Systems, Inc.
, a measure the Wauwatosa-based engine manufacturer says will accelerate its electrification strategy.
Based in Waterloo, Ontario, Accelerated Systems develops complete traction and control systems for vehicles and has in-house design capabilities for electric motors, controllers and battery systems. The company’s markets include electric bikes, scooters, motorcycles, golf carts, utility vehicles and outdoor power equipment.
Terms of the deal were not disclosed. However, the agreement does include the option for Briggs & Stratton to acquire additional equity in ASI over the next five years, according to a press release.
The company says ASI’s advanced electric drive systems complement Briggs & Stratton’s focus of being power application experts for internal combustion engines, electrified products and technologies and hybrid solutions.
"This is an important technology investment for Briggs & Stratton as we continue to expand our capabilities as a power application company," Briggs & Stratton president and CEO Steve Andrews said in a statement. "This acquisition provides meaningful capabilities that will significantly accelerate our electrification strategy."
Briggs & Stratton Corp., the previous iteration of the company, filed for bankruptcy
last year as it faced looming debt maturities and a need for capital to fund its operations heading into a new fiscal year.
The company entered bankruptcy with an offer from New York-based KPS Capital Partners to buy Briggs. KPS ultimately acquired most of Briggs’ assets for $550 million.
Andrews, who worked with KPS as CEO of Illinois-based International Equipment Solutions, was brought in to replace former Briggs CEO Todd Teske after the deal closed in September 2020.
Despite being acquired by an out-of-state PE firm, Briggs has said it is committed to Milwaukee
. The company also announced that it would more than double its standby generator production
, although much of that new production is planned for its facilities in Auburn, Alabama.