John Paulson remembers his sister crying when their father brought home a baby grand piano because the family had not been able to afford the Steinway she had hoped for.
Paulson grew up to be a hedge fund virtuoso rather than a concert pianist, making billions of dollars shorting subprime mortgages before the financial crisis. But the fortune that provided allowed him to acquire three Steinways and then, in 2013, America’s most venerable instrument maker itself.
This week, nine years after his $512mn bid beat offers from Kohlberg & Co and South Korea’s Samick Musical Instruments, Paulson announced plans to return the 169-year-old company to the public markets, selling some of his shares but retaining firm voting control.
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