US: Pabst Brewing Co sold to Metropoulos
Pabst Brewing Co sold
One of the oldest beer firms in the US, Pabst Brewing Co, has been acquired by private investment fund Metropoulos & Co for an undisclosed fee.
Metropoulos said this week that it has acquired Pabst from the California-based Kalmanovitz Charitable Trust, which has owned the beer group since 1984.
Pabst, founded in 1848, no longer has any brewing facilities and all its beers, including Pabst Blue Ribbon and Lone Star, are brewed under licence by MillerCoors, the US joint venture between SABMiller and Molson Coors.
"We approach Pabst with a long-term commitment to work closely with our partner distributors and to focus all of our energies on providing consumers with innovative flavors, quality and freshness that satisfy their changing and often regional tastes," said Metropoulos & Co.
Illinois-based Pabst has annual sales of more than US$500m. A fee for the brewer was not disclosed, although the New York Post said late last year that Pabst could fetch around $300m.
Dean Metropoulos, the head of Metropoulos & Co, will become the new chairman and CEO of Pabst, replacing current CEO John Lennon, who only took up the post in October last year.
The Pabst management team will remain in place under the new ownership, said Metropoulos. Lennon's future role in the business was unclear.
"The Pabst management team has done an excellent job of developing leading national and regional brands and their expertise and dedication were key factors in our decision to acquire the company," said the investment group.
Meanwhile, the sons of Dean Metropoulos, Evan and Daren, will be "actively involved in Pabst's operations and strategic direction".
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