For months, we've expected someone to pick up Guitar Center (NASDAQ: GTRC), the largest U.S. musical instrument retailer. Now, Bain Capital Partners affiliates will pay $1.9 billion in cash, or $63 per share, equal to a premium of 26% over yesterday's closing price of $50.06. Additionally, the buyers will assume about $200M in debt. Goldman Sachs Group (NYSE: GS) helped to auction them off, and the deal is expected to close in the fourth quarter.

Guitar Center, which went public in 1997, now has over 210 stores. Last year they bought instrument retailer Woodwind & Brasswind for about $30 million. Back in March came word that Sageview Capital upped its holdings to 8.69%. Brokers responded with strong buys, buys and some holds, based on expectations of solid growth in the year ahead. Now it's time for private equity to tune it up. The stock had been a disappointment and the direct response business needs help.