Saturday, 28 November 2015
Last updated 1 day 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…