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Private Equity Firm To Acquire Steinway Musical Instruments

Jul 2, 2013
Originally published on July 2, 2013 7:36 am
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RENEE MONTAGNE, HOST:

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(SOUNDBITE OF MUSIC)

MONTAGNE: Steinway Musical Instruments announced Monday that it would be acquired by the private equity firm Kohlberg and Co., in a deal worth $438 million. Kohlberg says it plans to build on Steinway's 160 years of piano-making tradition, and expand its sales globally.

Steinway's stock price jumped in response to the news. And for the record, the company's ticker symbol is LVB - a reference to the initials of Ludwig van Beethoven. Transcript provided by NPR, Copyright NPR.