Steinway Musical Instruments Announces Retention of Allen & Company LLC to Assist in Evaluating Strategic Alternatives

WALTHAM, Mass., July 21, 2011 /PRNewswire/ -- Steinway Musical Instruments, Inc. (NYSE: LVB), one of the world's leading manufacturers of musical instruments, today announced that Allen & Company LLC has been retained to assist the Company's Special Committee in evaluating strategic alternatives, including the previously announced possible sale of the Company's band instrument and online music divisions. The Company cautions, however, that there can be no assurance that this evaluation will result in any specific transaction or, if any specific transaction is to occur, the timing of such a transaction. The Company does not undertake any obligation to make any further announcement or disclosure of any further developments with respect to its evaluation of strategic alternatives.

About Steinway Musical Instruments

Steinway Musical Instruments, Inc., through its Steinway and Conn-Selmer divisions, is one of the world's leading manufacturers of musical instruments. Its notable products include Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones, Ludwig snare drums and Steinway & Sons pianos. Through its online music retailer, ArkivMusic, the Company also produces and distributes classical music recordings. For more information about Steinway Musical Instruments, Inc. please visit the Company's website at www.steinwaymusical.com.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This release contains "forward-looking statements" which represent the Company's present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties which could cause actual results to differ materially from those indicated in this release. Further information on these risk factors is included in the Company's filings with the Securities and Exchange Commission.

SOURCE Steinway Musical Instruments, Inc.

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http://www.steinwaymusical.com