Steinway Musical Instruments is being acquired by an affiliate of Kohlberg & Company, a private equity investment firm, for about $438 million.
The public company will go private once the acquisition is complete.
The Steinway & Sons factory in Queens, New York is a subsidiary of Steinway Musical Instruments.
Our agreement with Kohlberg represents an exceptional valuation for our shareholders, while also representing an important next step in the growth of Steinway,” said Michael Sweeney, Chairman and interim CEO of the Company in the press release.
We previously reported that during the recession Steinway cut the Astoria factory headcount to 215, from about 300. In the last decade the company averaged about 3,300 grand pianos a year.
At the time Steinway’s president Ron Losby said he expected the company to return to that figure soon.
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