FAMOUS STEINWAY AND SONS TO BE ACQUIRED BY PRIVATE EQUITY FIRM

Jul 02, 2013

By Michael Kramer

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The makers of the  famous Steinway pianos will be playing a financial duet.

Steinway and Sons is  being acquired for $438 million by the  private equity firm Kohlberg & Company.

At 160 years old,  Steinway is the oldest  family firm in the U-S and  holds more than 127 patents for musical instruments – producing everything from trumpets to drums.

Steinway shares were  up more than 15% following the announcement and have soared more than 70% this year.

A Kohlberg spokesman says the firm plans to ramp-up its global expansion, while  ensuring the artisanal manufacturing processes that make Steinway’s products unique are preserved, celebrated and treasured.

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