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Steinway announces agreement in principle to sell band division

Steinway Musical Instruments Inc., a company with offices in Waltham, said it has reached an agreement in principle to sell its band division to an investor group.

The company may be best known for Steinway & Sons pianos, but its product line also includes Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones, and Ludwig snare drums.

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The investor group interested in buying the company’s band division is led by two current directors of the company: Dana Messina, former chief executive, and John Stoner, Conn-Selmer president. Financial details of the proposed transaction were not included in the company’s press release.

Samick Musical Instruments Co. Ltd, the owner of 33 percent of the company’s common stock, will provide a portion of the financing and acquire a significant equity interest in the buyer, Steinway said.

The release added: “The parties expect to execute a definitive purchase-and-sale agreement, subject to committed financing, in the next 30 to 60 days. The definitive agreement will include a ‘go-shop’ provision under which the special committee of the board of directors will be permitted to solicit, receive, evaluate, and enter into negotiations with respect to alternative proposals for a 60-day period.”

Chris Reidy can be reached at reidy@globe.com.
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