Legal News

Steinway Bought for $438M by Kohlberg & Co.
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

The world’s most popular piano manufacturer, Steinway, will be singing a different tune soon enough, now that private equity firm Kohlberg & Co is buying them for $438 million. That’s 160 years of stellar expansion, starting out in Waltham, Massachusetts before building a shop across Carnegie Hall in Manhattan where their pianos have been tested and coveted for decades.

But that building, Steinway Hall, was sold in March, and times have been tough.

  
What
Where


Nevertheless, Kohlberg is offering to buy the outstanding stock at $35 per share, a 15 percent premium to Friday’s closing $30.43.

“Kohlberg’s long history of collaboration to grow and expand some of the world’s leading consumer brands makes us an ideal partner for Steinway to accelerate its global expansion, while ensuring the artisanal manufacturing processes that make the company’s products unique are preserved, celebrated and treasured,” said Kohlberg partner Christopher Anderson, as reported by the Associated Press.

“Our agreement with Kohlberg represents an exceptional valuation for our shareholders, while also representing an important next step in the growth of Steinway,” Michael Sweeney, chairman and interim chief executive of Steinway. “We are delighted that they recognize the bright future for Steinway as well as value our great heritage.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney with motions experience

USA-WA-Seattle

Seattle office of our client seeks mid-level litigation attorney with 3-5 years of experience, inclu...

Apply Now

Environmental /Land Use Attorney with 2-3 years of experience

USA-CA-San Francisco

San Francisco office of our client seeks environmental /land use attorney with 2-3 years of experien...

Apply Now

Litigation Attorney with 2-5 years of insurance defense experience

USA-FL-Jacksonville

Jacksonville office of our client seeks litigation attorney with 2-5 years of previous insurance def...

Apply Now

Land Use, Zoning Attorney with 2-6 years of real estate experience

USA-NY-Fishkill

Fishkill office of our client seeks land use, zoning and development attorney with 2-6 years of comm...

Apply Now

RELEVANT JOBS

Paralegal

USA-CA-Santa Clara

Paralegal with minimum of 5 years experience Specific responsibilities include: - Support of fam...

Apply now

Paralegal

USA-CA-Santa Clara

Paralegal with minimum of 5 years experience Specific responsibilities include: - Support ...

Apply now

Entertainment Attorney-In House Counsel (BA & Production Legal)

USA-CO-Denver

High Noon Entertainment  is seeking an experienced In-House Attorney for its Denver, Colorado o...

Apply now

Paralegal

USA-NC-Raleigh

Small immigration law firm seeks experienced immigration paralegal to work with removal and employme...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top