Iconic US brewer Pabst has new owners

Iconic US brewer Pabst has new owners

Pabst Brewing Co (PBC) officially has new owners after private equity firm Metropoulos & Co completed its sale of the 170 year-old company. 

Blue Ribbon Intermediate Holdings, described as a “partnership” between US businessman Eugene Kashper and private equity group TSG Consumer Partners, have acquired the Los Angeles-based brewer for an undisclosed sum, it was confirmed last yesterday. Prior reports suggested the price agreed was around US$700m. 

No further details of the transaction were given, but a statement when the deal was first announced in September, said TSG planned to take a “minority” stake in the Pabst Blue Ribbon brewer

“We are thrilled to complete the acquisition of this great company,” said Kashper, who will relocate from New York to Los Angeles to be PBC's chairman & CEO. 

Brian Krumrei, TSG's MD, and Eric Ottaway, Brooklyn Brewery's CEO, will also sit on PBC's board of directors.  

The deal previously sparked controversy after some media outlets incorrectly reported PBC was being sold to a Russian firm. The reports stemmed from the fact that Kashper was chair of Oasis Beverages, which is based in Cyprus, but has brewing operations in Russia. Oasis Beverages was originally named as the purchaser of PBC. 

Kashper, who emigrated to the US 38 years ago and is a US citizen, last month stepped down as chairman of Oasis Beverages

PBC's last owners Metropoulos & Co, Dean Metropoulos' investment fund, acquired the brewer in June 2010 from the California-based Kalmanovitz Charitable Trust.

At the time Metropoulos & Co acquired the firm, all its beers were brewed under licence by MillerCoors.