“Steinway is an iconic brand in luxury consumer goods with tremendous growth potential in the U.S. and Asia and the control premium doesn’t adequately compensate investors,” Kern, whose firm owns 12,000 Steinway shares.
Kohlberg & Co. has done deals worth about $9 billion since it was started in 1987, according to its website. The firm was co-founded by Jerome Kohlberg Jr. after he left KKR & Co. over disagreements with partners Henry Kravis and George Roberts about the strategy of their leveraged-buyout company.
Kohlberg focuses on buying mid-sized companies, which it defines as being valued between $100 million and $750 million, according to the website. The Mount Kisco, New York-based firm has raised seven funds with an aggregate $5.3 billion of commitments.
The shares had gained 44 percent this year through that date, compared with a 13 percent gain for the Standard & Poor’s 500 Index.