Waltham's Steinway Selling to Private Equity Firm

Waltham-based Steinway Musical Instruments – famed for its pianos – announced it agreed to a sale to a private equity firm.

The 160-year-old company will be bought by Kohlberg & Co. for $438 million, according to an Associated Press report on the USA Today website.

Kohlberg hopes to revive the Steinway brand.

"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 in the report.

The high-end piano maker has not fared well in the recession, and it recently sold its main showroom, near Carnegie Hall in New York City, according to the report. A Steinway grand piano starts at $50,000 and some models go for much more than that.

While the Steinway board voted unanimously to sell the stock, the deal has a 45 day “go-shop” period when the company can find other bids, according to the report.