Steinway Sold to Private Equity Firm
In the world of mergers and acquisitions, it is not uncommon to find the names of once highly-touted companies attached to inferior equipment. One can only hope that such will not become the case with Steinway.
Steinway, which sets the standard by which other pianos are measured, has announced an agreement to be acquired by private equity firm Kohlberg & Company. Â According to Christopher W. Anderson, a Kohlberg & Company partner,Â plans are to â€œaccelerate (Steinway’s) global expansion, while ensuring the artisanal manufacturing processes that make the companyâ€™s products unique are preserved, celebrated and treasured.”
Kohlberg & Company does not seem to have a history of acquiring companies and breaking them into pieces to be sold.Â Rather, they appear to feel the company has room to grow through changes in it’s business model.
It was just two months ago that Steinway celebrated marked 160 years in business. Â Let’s hope they’re around to celebrate number 161 and beyond.
Read: Steinway Sold to Private Equity Firm for $438 Million (NY Times)