Jul 02, 2013
By Michael Kramer
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.