Last updated on July 3rd, 2019 at 07:24 pm
A Russian beverage company said Thursday it is acquiring the Pabst Brewing Company, which produces Milwaukee legacy beer Pabst Blue Ribbon and other brands such as Colt 45 and Old Milwaukee.
Oasis Beverages did not disclose terms of the transaction, but people briefed on the matter said the price was more than $700 million in cash, according to a report by The New York Times.
Backing Oasis is TSG Consumer Partners, an American private equity firm focused on consumer goods, which will take a minority stake.
“Pabst Blue Ribbon is the quintessential American brand – it represents individualism, egalitarianism and freedom of expression – all the things that make this country great,” said Eugene Kashper,chairman of Oasis Beverages. “The opportunity to work with the company’s treasure trove of iconic brands, some of which I started my career selling, is a dream come true. It will be an honor to work with Pabst’s dedicated employees and partner distributors as we continue to build the business.”
Pabst has been owned by Dean Metropoulos, a consumer products magnate who recently took over the Twinkie line of products from Hostess Brands with private equity firm Apollo. Metropoulos acquired Pabst in 2010 for about $250 million. Since taking over Pabst, Metropoulos has turned management of the company over to his sons, Evan and Daren, who have served as co-chief executives. The brothers have succeeded in making Pabst popular among hipsters. They are expected to step down after a sale.
Pabst is contract brewed by six U.S. breweries owned by MillerCoors.
TSG, with offices in San Francisco and New York, has owned stakes in food and beverage companies including Popchips, Vitaminwater and Muscle Milk over the years.