Saturday, 25 October 2014
Last updated 22 hours ago
Jul 2 2013 | 2:27am ET
A legendary name in private equity has acquired a legendary name in piano-making.
Kohlberg & Co., which is led by Kohlberg Kravis Roberts co-founder Jerome Kohlberg, agreed to pay about $438 million for Steinway Musical Instruments, best known as the maker of Steinway & Sons pianos.
Kohlberg aims to “accelerate” Steinway’s “global expansion, while ensuring the artisanal manufacturing processes that make the company’s products unique are preserved, celebrated and treasured,” the firm’s Christopher Anderson said.
“Our agreement with Kohlberg represents an exceptional valuation for our shareholders, while also representing an important next step in the growth of Steinway,” Steinway interim CEO Michael Sweeney said. “We are delighted that they recognize the bright future for Steinway as well as value our great heritage.”
The deal faces a 45-day go-shop period, in which rival bidders can make offers for the company. Should none come, the acquisition is expected to close in the third quarter.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.