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Upfront

  • Steinway Sale: Paulson Tops Samick and Kohlberg in Bid, Doubles Share Value

    Christian Wissmuller | Upfront | August 16, 2013

    Hedge fund billionaire John Paulson really wants Steinway. While just this past December Steinway stock was selling at $20 a share, he is now paying $40.

    A bidding war was sparked by Paulson’s unexpected bid this past Tuesday. The move prompted Steinway’s biggest shareholder, Samick Musical Instruments, to attempt to grab the company for $39 a share. Paulson & Co. quickly shot back with a $40 a share offer, pushing the value of the company to $512 million

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  • Steinway Deal Turnaround: Billionaire John Paulson Beats Kohlberg Offer

    Christian Wissmuller | Upfront | August 14, 2013

    In a surprise move, billionaire John Paulson looks set to take the keys of Steinway Musical Instruments. Private equity firm Kohlberg & Co., which had made an offer on the company on July 1 of this year, yesterday waived its right to negotiate when Paulson stepped in unexpectedly with a higher offer. On the table was a $35 a share bid which many in this industry thought was generous indeed, but it was trumped by Paulson’s $38 a share, placing a value on the 160-year-old American piano maker at $478m.

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  • New Developments in Steinway Sale

    Christian Wissmuller | Upfront | August 13, 2013

    As reported in MMR, on July 1 Steinway Musical Instruments agreed to an acquisition by private equity firm, Kohlberg & Co. The deal was for a reported $438 million and was projected to close in the third quarter of 2013.

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  • GC Unionization in Chicago

    Christian Wissmuller | Upfront | August 12, 2013

    Just a few months since the late-May unionization of the Manhattan Guitar Center retail outlet, employees at a Guitar Center store in Chicago have now voted to form the company's second-ever retail union. This is another significant win for the Retail, Wholesale and Department Store Union (RWDSU), which was unable to unionize two additional New York stores earlier this summer. The new bargaining unit in Chicago will seek to improve wages and to change the store's sales commission structure.

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  • Seiler Unveils Long-Term Strategy For North America Market

    Christian Wissmuller | Upfront | August 9, 2013

    Seiler Pianos, European maker of pianos and grands since 1849, officially launched its new marketing strategy for the North American market during its recent dealer meeting in Nashville, Tenn. The two-day meeting, held at the historic Union Station Hotel, featured the introduction of new lower-priced lines based off the authentic Seiler German designs, a comprehensive suite of marketing tools to support dealers at every level of the selling process, as well as complete point of purchase mural and kiosk to help distinguish the Seiler brand in showrooms.

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  • Taking Gretsch’s 130th Anniversary Celebration To New Heights

    Christian Wissmuller | Upfront | August 5, 2013

    After criss-crossing the United States to attend a series of events celebrating Gretsch’s 130th anniversary this year, Fred and Dinah Gretsch recently took the celebration international. Following an anniversary show at the Sam Ash store in Hollywood on July 20th, they left Los Angeles on the 22nd for a flight to Tokyo, Japan. Because they crossed the International Date Line they arrived on the 23rd — an auspicious date in itself, since it was Fred Gretsch’s birthday.

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  • D’Addario Honored in Italy

    Christian Wissmuller | Upfront | August 1, 2013On Saturday, July 20, 2013, the D’Addario family was honored in their hometown of Salle, Italy at the inauguration of the Museo Delle Corde Armoniche.   The museum was created to pay tribute to the many cordari, or string making families, that arose from the town.  The mayor of Salle presented a key to the city […] Read More...
  • Hal Leonard Employees Raise Money for Children’s Hospitals

    Christian Wissmuller | Upfront | August 1, 2013

    14 employees from Hal Leonard’s 140-person Milwaukee office constituted the company’s team in the Tri-ing for Children’s Triathlon, a benefit for Children’s Hospital of Wisconsin in Milwaukee and UW Health American Family Children’s Hospital in Madison. The event took place on Sunday, July 28th in Eagle, Wisconsin, in the Southern Kettle Moraine Forest.

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  • Guitar Center Names Bennett VP

    Christian Wissmuller | Upfront | July 30, 2013Guitar Center has appointed Christopher Ian Bennett to the newly created position of vice president, communications and corporate Affairs. This announcement comes as part of a new set of initiatives at GC, which includes a formalized and dedicated communications/corporate affairs department. In his previous role, Bennett led Best Buy Canada’s Corporate Communications department under Mike […] Read More...
  • Dean Markley Names Korg UK Distributor

    Christian Wissmuller | Upfront | July 26, 2013

    Dean Markley International, Ltd has announced that KORG UK is now the exclusive distributor of Dean Markley product throughout the United Kingdom and Eire.

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  • NAMM Foundation Accepting Applications for 2014 President’s Innovation Award

    Christian Wissmuller | Upfront | July 26, 2013

    The NAMM Foundation is accepting applications at www.nammfoundation.org for its 2014 President’s Innovation Award to support undergraduate and graduate students pursuing careers in the music products industry.

    The cash award supports qualified college students’ travel to attend NAMM’s annual global music products trade show in Anaheim, Calif., Jan. 23-26, 2014. At the show, awardees will be invited to participate in a special collegiate program offering information, mentoring and the opportunity to network with industry laureates and professionals.

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  • Crafter To Help Tegeler Music Raise Money For Wounded Warriors

    Christian Wissmuller | Upfront | July 25, 2013

    Iowa’s Tegeler Music has announced plans to donate the proceeds from their third Annual Benefit Concert to assist service members who have been injured in the line of duty. Proceeds from the concert will be donated to the nonprofit organization Wounded Warrior Project (WWP), and will support a full range of programs and services for this generation of injured veterans and their families.

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