The jazz economy just got a little richer. On Wednesday, as reported in nearly every major news outlet, Paulson and Company, the company owned by hedge fund titan John A. Paulson, claimed ownership of Steinway Musical Instruments (LVB-NYSE) for an impressive ticket just under $500,000,000.
The company was founded in Manhattan in 1853 by German immigrants who built factories in Astoria, Queens and Hamburg, Germany. It was sold to the CBS Corporation in 1972.
Some of its most famous products include Steinway and Sons pianos, Bach Stradivarius trumpets, C.G. Conn French horns, Leblanc clarinets, King trombones, Ludwig snare drums and Selmer Paris saxophones, just to name a few.
In 1995, the firm went to Selmer and in 1996 became an IPO, they bought Emerson flutes in '97 and in December '98 acquired Kluge Klaviaturen, the manufacturer of piano keys, followed by a piano plates maker. Another notable acquisition by the conglomerate is ArkivMusic, a classical music records online retailer. (nice snag!)
John A. Paulson, a former Bear Sterns purchaser was named number 61 on Forbes 2012 list of The World's Wealthiest People. Paulson contributes slightly more money to Democratic causes then Republican, but is a major political investor, claiming the most financial share in Mitt Romney's 'Restore Our Future' Super PAC than any other donor.
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