Steinway & Sons buys Renner
Louis Renner GmbH & Co. KG
Steinway & Sons
Mechanical and plant engineering
Transfer Partners exclusively advised the shareholders of Louis Renner GmbH & Co. KG, based in Gärtringen and Meuselwitz (Germany) on the sale of their shares to Steinway & Sons located in Hamburg (Germany) and New York (USA).
Renner is the world's leading manufacturer of complete grand and upright piano actions in addition to special piano parts, piano hammers, accessories, and piano tools. The company was founded in 1882 by Louis Renner in Stuttgart and today manufactures at the locations Gärtringen and Meuselwitz. The world's best piano manufacturers rely on Renner quality mechanics.
Steinway & Sons pianos have been setting the highest standards in sound, craftsmanship, design and investment since 1853. The production takes about a year. The company operates two factories worldwide – in Hamburg and New York. Nine out of ten professional and amateur pianists choose an instrument from Steinway & Sons.
"We are very pleased that the Renner now belongs to our group of companies. Just like us, the company has a very long tradition, is a leader in its segment and supplies customers worldwide with outstanding quality. We share the same values. It is important that Renner will continue to work independently, so that the acquisition will be positive for the company, the employees, especially for the industry and its customers"
President Steinway & Sons Hamburg
Clemens von Arnim, managing director and former shareholder of Renner, is also enthusiastic about the takeover by Steinway & Sons. Together with Sabine Manal (CFO), he will continue to manage the business of Louis Renner and thus maintain continuity.
"For us it is important that we continue our production unchanged after the takeover and that we can continue to supply all piano manufacturers with the accustomed best quality. The fact that we were able to win Steinway & Sons as a buyer for our family business makes me very happy and optimistic about the future"
Clemens von Arnim
CEO, former sharehoulder and great-grandson and one of the co-founders of Renner
Steinway & Sons guarantees the continued employment of all almost 200 Renner employees at the locations Gärtringen near Stuttgart and Meuselwitz near Leipzig. For this reason it is ensured that the industry is supplied with the usual excellent components for pianos and grand pianos.
Transfer Partners was mandated with the complete sales process including the preparation of the transaction-related documents, the research and identification of suitable buyers, the structuring of the due diligence examination and conducting negotiations up to successful completion of the transaction.
Maybe interesting for you: