Kohlberg & Co drops Steinway bid after Paulson makes rival offer
14 August 2013
Private equity group Kohlberg & Co has dropped out of the bidding process for Steinway Musical Instruments, after it emerged that hedge fund manager John Paulson had made a higher offer for the grand piano maker, reports the Financial Times.
Kohlberg was notified by Steinway on 11 August that it had received a new cash offer of $38 a share, or $475m, topping the private equity group’s proposal of $35 a share announced in July.
The counter offer came during a ‘go-shop’ period of 45 days, during which Michael Sweeney, Steinway’s chief executive, had been soliciting rival bids.
Photographer Sussie Ahlburg's body found in Hampstead pond
7 August 2013
Nick van Bloss
IP is sad to report that the immensely talented photographer Sussie Ahlburg has died.
Ahlburg, 50, was found in the ladies’ bathing pond on Hampstead Heath, north-west London on Monday. She had gone swimming on Sunday and was reported missing by her family when she did not come home.
The BBC has reported that the death is being treated as ‘unexplained’ and that police are keen to speak to anyone who may have seen Ahlburg at the pond on Sunday.
Ahlburg’s distinctive portraits were widely used in
the classical music press. Her work frequently appeared in the pages of IP, and
she photographed many pianists including Ashley Wass, Benjamin Grosvenor, Nick
Van Bloss, Imogen Cooper, Nino Gvestadze and Peter Donohoe.
Opposite: Pianist portraits by Swedish photographer Sussie Ahlburg
REVIEW: James Rhodes at Latitude Festival, Suffolk
25 July 2013
Few concert halls – not even the lake-ensconced KKL Luzern, watery
home to the Lucerne Piano Festival, or London’s Royal Festival Hall, post-war
edifice with enviable Thames views – can claim a stage that’s as dramatically
waterside as Latitude Festival’s waterfront stage. The floating structure,
which performing artists reach via punt, is set among the woodland and fields
of Henham Park in Suffolk; quintessentially English countryside that is overrun
by tents, fairy lights and coloured sheep for four days a year in July.
Latitude Festival (18-21 July) celebrates dance, literature, visual arts, craft and a range of music, from synth to symphonic, and last year the waterfront stage welcomed its first concert pianist, Lang Lang, who attracted a 7,000-strong audience. This year’s booking, James Rhodes, may be less well known, but his blend of gritty pianism and witty banter is ideal for such a setting. As anticipated, he didn’t disappoint, mixing short pieces by Chopin and Beethoven with interesting contextual information. His recent album Jimmy: James Rhodes Live in Brighton came with the covering note ‘caution – explicit language’ as it included Rhodes’ – frequently colourful – talking between pieces. At this Friday afternoon and family event, Rhodes was more cautious, but his rapport with the crowd was clear. The Steinway was amplified, and the sound carried magnificently across the fields, albeit with a few clunks here and there. Audience members lay on the grass, eyes closed, while others, pint in hand, stood on the bridge. Rhodes, in his customary skinny jeans, has a palpable energy at the keyboard, and an evangelical approach to classical music; exactly what is required at a cross-platform festival like Latitude.
James Rhodes plays Soho Theatre, London, 25 July-3 August
REVIEW: Martha Argerich at Manchester International Festival
15 July 2013
Bridgewater Hall, Manchester
Manchester International Festival, 12 July
A few heart-stopping moments of silence preceded Martha Argerich’s entrance onto the stage at the Manchester International Festival. The legendary Argentinian pianist – who in recent years has become as famous for cancelling concerts at the last minute as for her dazzling and unfading artistry – had already made a last-minute change to the programme, opting to play Beethoven’s Piano Concerto No 1 instead of the billed Shostakovich concerto for piano and trumpet.
But eventually she appeared from the wings, to the relief and delight of an audience eagerly anticipating her first appearance in Manchester for more than 50 years. Argerich had been invited to play with Manchester Camerata, as part of the Manchester International Festival, because of her reportedly close relationship with the chamber orchestra’s new principal conductor, Gábor Takács-Nagy.
Argerich’s Beethoven was tender and contemplative, eschewing the tense, edge-of-seat approach taken by some interpreters; but there was certainly no lack of attack in her performance. Now 72 years old, Argerich has lost none of the clarity of touch and that has earned her such a dedicated and adoring cohort of fans. Those fans rose to their feet at the conclusion of the concerto, rewarding her with a standing ovation and the kind of applause more typically reserved for a rock star.
And there was more to come: with the cheers still ringing out across the auditorium, Argerich suddenly sat back down at the piano and launched into a rare encore. Her account of Traumes Wirren from the Schumann Fantasiestücke Op 12 sizzled and danced, its fiendish runs dispatched with stunning accuracy and a rapt sense of playfulness.
Argerich’s appearance was preceded by a spirited performance of Bartók’s Music for Strings, Percussion and Celeste, and followed by Arvo Pärt’s haunting Lamentate. Both of these pieces featured another pianist, 27-year-old Frenchman David Kadouch. The Pärt in particular revealed a deeply sensitive musical intellect, with Kadouch providing many of the highlights of an arrestingly beautiful performance.
Manchester International Festival runs until 21 July
Steinway agrees takeover by Kohlberg & Co
2 July 2013
Lang Lang: one of Steinway's most famous supporters
US piano maker Steinway
Musical Instruments has agreed to be bought by private equity group Kohlberg
& Co in a $438m deal.
The 160-year-old company, famous around the world for its handmade grand pianos, had previously stated that it was not for sale, following a 17-month exploration of strategic alternatives (as reported in issue 18). The Financial Times (FT) commented that: ‘The deal is the latest indication of the bets private equity groups are making in the luxury goods sector as they seek to profit from the recovering finances of the wealthy.’ Steinway’s board unanimously recommended the offer and expects to close the transaction later this year. Kohlberg plans to expand Steinway’s global reach by exploiting emerging markets in Asia.
The Massachusetts-based company – whose pianos have been used by pianists such as Sergei Rachmaninov and Lang Lang – said in March it would sell its 88-year-old Steinway Hall building, which is across the street from Carnegie Hall in New York, for $46.3m. The company makes most of its earnings from high-end grand piano sales. From 2005 to 2008, grand piano sales fell an average of 20 per cent annually in the US, reported the FT, and the financial downturn further constrained demand.
The Steinway family sold the
company, which was founded in 1853 in a loft on Manhattan’s lower west side, to
entertainment group CBS in 1972. Since 1996 Steinway has been traded on the New
York Stock Exchange under the ticker LVB, for Ludwig van Beethoven.