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Article: Baldwin Piano sold to investment group. (Baldwin Piano and Organ Co.; Peridot Associates)
- Article from:
- Music Trades
- Article date:
- March 1, 1993
CopyrightCOPYRIGHT 1993 Music Trades Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Peridot Pays $62 Million For Leading Piano Firm, Pledges Continuity In Management
Baldwin Piano & Organ Company, the largest U.S. piano maker, has agreed in principle to be acquired by Peridot Associates, a newly formed West Palm Beach, Florida based, investor group, for $62 million in cash. While the transaction is subject to several contingencies, including the execution of a definitive purchase agreement and the obtaining of necessary financing, officers of Baldwin and Peridot are optimistic that a purchase agreement will be drafted by February 28 and that the deal will close on or before June 1.
William Frank, president of Peridot, stated, "We are pleased ...