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Steinway acquisition completed, now in private investors’ hands

Posted on Sept. 19, 2013 at 1:00 a.m. | Updated on Sept. 19, 2013 at 3:53 p.m.

ELKHART — Investment firm Paulson and Company Inc. completed its acquisition of Steinway Musical Instruments, the two companies announced Thursday, Sept. 19.

In the written announcement, John Paulson, president of Paulson and Company, said, “Over the last 160 years, Steinway has built an unprecedented reputation for excellence. We will uphold that tradition with the continued uncompromising pursuit of perfection.”

@Default:Michael Sweeney, chief executive officer of Steinway, said, “As we look forward, we expect the entire Steinway family, dealers, artists and employees, to benefit from the continued execution of our business strategies under Paulson’s ownership. Our customers will continue to enjoy the best-in-class musical instruments and service they have come to expect from Steinway.”

Steinway, based in Waltham, Mass., is parent company of its Steinway piano division and Elkhart-based Conn-Selmer.

Steinway was set to be acquired by a different private firm earlier this year when Paulson came in with a higher offer of $40 per share. The companies reached a merger agreement Aug. 14.

Paulson bought 83.8 percent of the company’s shares for $440.23 million, according to the figures provided in Thursday’s announcement.