Ownership Stake to Accelerate Company’s Electrification Strategy
MILWAUKEE (July 14, 2021) – Briggs & Stratton today announced it has acquired a minority stake in Accelerated Systems, Inc. (ASI) which develops complete traction and control systems for vehicles and has in-house design capabilities for electric motors, controllers and battery systems. The agreement includes the option for Briggs & Stratton to acquire additional equity in ASI over the next five years.
The advanced electric drive systems that ASI develops complement Briggs & Stratton’s strategic focus of being power application experts for its customers, which includes 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,” says Steve Andrews, Briggs & Stratton’s President and CEO. “This acquisition provides meaningful capabilities that will significantly accelerate our electrification strategy.”
Godfrey & Kahn S.C. and Borden Ladner Gervais LLP served as legal counsel to Briggs & Stratton. Stillwater Capital Corporation served as financial advisor and Pallett Valo LLP served as legal counsel to ASI.
