Ownership Stake to Accelerate Company's Electrification Strategy
MILWAUKEE, July 14, 2021 /PRNewswire/ -- 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.
About Briggs & Stratton
Briggs & Stratton, headquartered in Milwaukee, Wisconsin, is focused on providing power to get work done and make people's lives better. Briggs & Stratton is the world's largest producer of gasoline engines for outdoor power equipment, and is a leading designer, manufacturer and marketer of commercial lithium-ion batteries, power generation, pressure washer, lawn and garden, turf care and job site products through its Briggs & Stratton®, Simplicity®, Snapper®, Ferris®, Vanguard®, Allmand®, Billy Goat®, Murray®, Branco® and Victa® brands. Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents. For additional information, please visit www.basco.com and www.briggsandstratton.com.
About Accelerated Systems, Inc:
Accelerated Systems, Inc. (ASI) is a clean energy focused company that develops complete traction and control systems for eMobility and Outdoor Power Equipment. ASI's corporate office is located in Canada's technology center, Waterloo, Ontario and possesses complete inhouse design capabilities for electric motors, controllers, batteries and autonomous systems. For additional information, please visit ASI's website, follow ASI's LinkedIn page and subscribe to ASI's YouTube channel.
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SOURCE Briggs & Stratton