Steinway Musical Instruments is to be acquired by an affiliate of private equity firm Kohlberg & Company in a transaction valued at approximately USD438m.    Upon the completion of the transaction, the Steinway will become a privately held company.   Under the terms of the agreement, an affiliate of Kohlberg will commence a tender offer to acquire all of the outstanding shares of the company’s common stock for USD35.00 per share in cash, representing a premium of 33 per cent based on the average closing price of the company’s common shares during the 90 trading days ended 28 June and

Private equity firm Trilantic Capital Partners has acquired a substantial minority interest in Traeger Pellet Grills, a designer, manufacturer and marketer of wood pellet grills, wood pellets, sauces and spices, and grilling accessories.   Financial terms of the transaction were not disclosed.   The company was founded in 1985 in Oregon. It sells its products through a dealer network, online and through a direct sales force at selected retailers, trade shows, fairs, rodeos, and other outdoor events.  In 2012, the company began the rollout of Traeger-branded stores in major shopping malls across the country.  Known for its ease of use,

Paris-based investment firm Tikehau Group is to become a 35 per cent shareholder in Duke Street and provide committed capital to accelerate the firm’s deal-by-deal model.   In partnership with Tikehau, Duke Street will have the capacity to underwrite any new deals in its target range.   Both firms are looking to build on each other’s strengths to form a new operating model in the private equity industry. As part of the agreement, and with the support of Tikehau, Duke Street will use the cash injection to launch a new fund focused on controlling stake investments in the European mid-market.

Strand Equity Partners, a growth equity fund focused on consumer brands, has acquired a minority ownership stake in Bai, a 100 per cent natural beverage that is only five calories, infused with coffeefruit and flavoured with exotic fruit juices.    Terms of the transaction have not been disclosed.   Ben Weiss, founder and chief executive of Bai, launched the brand in 2009 with the mission to share the powerful antioxidant of coffee’s superfruit with consumers by producing refreshing beverages that harness the unique ingredient. Bai (Mandarin for "pure") delivers 100 per cent natural infusions with one gram of free-radical fighting

UltraSoC has closed a funding round of USD2.3m by securing further investment from Octopus Investments, bringing the total investment in the business to date to USD7.5m.   The investment will help fund the expansion of the company as it takes its debug and optimisation silicon IP technology to market, licensing it to major semiconductor companies.   The product, UltraDebug, is a system-level debug and optimisation capability for multiple heterogeneous processor cores including graphics cores and custom accelerators. UltraDebug is a library of advanced, feature-rich debug IP at the leading edge of embedded systems and will enable the company’s licensees the

XConnect, a specialist in Federation-based next generation interconnection and Registry services, has secured USD10m of equity funding from Young Associates, the London-based private investment firm headed by Lord Young of Graffham, and existing investor Crescent Group. This significant cash injection will enable XConnect to grow its portfolio of products and services, expand its customer base and enter new markets.   Through its suite of Federation-based Interconnection and ENUM Registry services, XConnect offers solutions to help service providers deliver IP voice, video and data communications on a cross-network basis while improving service quality and reducing costs.   XConnect operates Federations in