Though the company is most famous for its pianos, beloved of concert pianists and concert halls around the world, Steinway also make saxophones, trumpets percussion and trombones through their various owned manufacturers.

The news comes after the company had previously stated that it was contemplating a sale. Kohlberg & Co intend to buy the company’s existing stock for $35 per share, but the sale also incorporates a 45-day period in which Steinway may look for rival bids.

Though the company is most famous for its pianos, beloved of concert pianists and concert halls around the world, Steinway also make saxophones, trumpets percussion and trombones through their various owned manufacturers.

The sale has resulted in a large jump in share prices for Steinway Musical Instruments Inc., which increased 15% to $35.05.