Garrett Motion obtained approval of stalking horse bidding protections for affiliates of KPS Capital Partners, including a $63 million termination fee and expense reimbursement that is subject to a limit of $21 million.
A syndicate of banks including Citi, UBS Investment Bank, Credit Suisse and BNP PARIBAS committed to provide exit financing to the KPS Capital stalking horse acquisition vehicle to acquire Garrett Motion in a recently filed Chapter 11 case.
KPS Capital Partners will acquire substantially all of the assets of Briggs & Stratton, including equity of foreign subsidiaries, for approximately $550 million.
KPS Capital Partners’ portfolio company, Electrical Components International, will acquire Fargo Assembly Company. Bank of America Merrill Lynch served as lead arranger for financing for the transaction.
KPS Capital Partners sold its portfolio company, United Copper Industries, to Southwire Company. KPS purchased the company in 2011 and executed an effective turnaround.
Electrical Components International, a KPS Capital Partners portfolio company, acquired Whitepath Fab Tech. Financing for the deal was arranged by BofA Merrill Lynch acting as lead arranger.
KPS Capital Partners announced that its portfolio company American & Efird Global (A&E) completed a successful recapitalization after A&E raised approximately $275 million of financing.
KPS Capital Partners said its portfolio company Anchor Glass Container has completed a successful recapitalization by raising $465 million of financing through a new term loan.