Kohlberg to buy grand piano maker Steinway for US$438m

Steinway Musical Instruments, the 160-year-old manufacturer of pianos, saxophones and trumpets, said it had agreed to be acquired by private equity firm Kohlberg & Co. in a deal valued at about US$438 million (HK$3.4 billion).

The American company’s pianos have been used by legendary artists, including Cole Porter and Sergei Rachmaninoff, and by contemporary ones like Chinese concert pianist Lang Lang. Its brass and woodwind instruments include the venerable CG Conn and Selmer brands.

via Business feed http://www.scmp.com/business/companies/article/1273729/kohlberg-buy-grand-piano-maker-steinway-us438m