Steinway & Sons is sold for $438M

Posted on: July 2, 2013

In a story posted Monday (7/1) at Bloomberg.com, Matt Townsend reports, “Steinway Musical Instruments Inc. (LVB), owner of the 160-year-old piano maker, agreed to be bought by private-equity firm Kohlberg & Co. for about $438 million. The deal includes a 45-day period in which Waltham, Massachusetts-based Steinway can solicit other proposals, according to a statement today. The stock, whose LVB symbol was inspired by Ludwig van Beethoven, rose 16 percent to $35.28 at the close in New York, above the $35-a-share offer, signaling investors are anticipating other bidders. ‘As the economy recovers, they are well positioned for growth,’ Arnold Ursaner, an analyst for CJS Securities in White Plains, New York, said in an interview. A rebound in the U.S. housing market, especially luxury homes, and improving consumer confidence bode well for piano sales, he said. Steinway agreed to be taken private following 17 years as a publicly traded company, three days after closing the $46.3 million sale of its stake in the famed Steinway Hall building on West 57th Street in New York City, which houses its flagship retail showroom.”

Posted July 2, 2013