Rutland Fund Management, the UK private equity house focused on turnaround cases, has bought the troubled musical instruments division of Boosey & Hawkes, the global music group, in a cash-free and debt-free £33m (€59m) deal that took 16 months to settle.

Deutsche Bank ran the auction of the unit, now named The Music Group, which has some of the most established brands in the industry had sales of £71m in 2001 and an operating profit of £6.5m.