Steinway Sold for $438 million

Steinway Musical Instruments Inc was founded in 1853 in a loft on Manhattan’s lower west side. It is most famous for Steinway & Sons pianos, but today its products include Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones, and Ludwig snare drums.

Steinway announced on Monday July 1st that it has entered into a definitive agreement to be acquired by an affiliate of Kohlberg & Company, a global private equity investment firm, in a transaction valued at approximately $438 million. Upon the completion of the transaction, the Company will become a privately held company.

Under the terms of the agreement, an affiliate of Kohlberg will commence a tender offer to acquire all of the outstanding shares of the Company’s common stock for $35.00 per share in cash, representing a premium of 33%. The board of directors of the Company unanimously recommends that the Company’s stockholders tender their shares in the tender offer.

“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,” Kohlberg partner Christopher Anderson said.

Shares of Steinway Musical Instruments Inc. jumped $4.62, or 15 percent, to $35.05 in morning trading. Shares this year have risen close to 70 percent.

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Visual Art Comes (Back) to Steinway Piano

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Celebrating its 160-year anniversary on March 5, Steinway & Sons, the classic piano with a grand sound, has added an incredible visual pop to its design: It partnered with an artist by the name of Lynx to paint abstract art on the keyboard lid, piano lid, music desk and even the case of some of its grand pianos. But Steinway’s art case pianos have been around since 1857, when they first began producing the special pianos with artists of the day.

Visual Art Comes (Back) to Steinway Piano

Caring for your piano

Ambient Conditions

Wood and felt are highly sensitive to extreme changes in temperature and humidity. During the heating period a standard good-quality humidifier should be used to control and regulate humidity. The most favourable environment for your piano is a relative humidity ranging between 45% and 70% and a constant temperature of approximately 20˚C. Sudden fluctuations in temperature must be avoided as the tuning and regulation might be influenced negatively.

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100 Years on, RMS Titanic and Steinway & Sons

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April 15, 2012 marked the 100th anniversary of the most famous maritime disaster in history, the sinking of the luxury ocean liner RMS Titanic.

The sinking of the Titanic is an epic story that has stirred up interest and emotion in countless people over the decades, as well as inspiring literature, music, art and of course, film.

While most of us are familiar with the history and events surrounding the Titanic disaster, you may be interested to know the story from a Steinway & Sons perspective.

Read the full story at RMS Titanic: Five Steinway Pianos for the Ages – Steinway & Sons