Pabst Brewing completes $700m sale
Pabst Brewing Company, North America’s largest privately held brewing company, has completed its sale to the newly formed Blue Ribbon – a company formed by beer entrepreneur Eugene Kashper and the San Francisco-based TSG Consumer Partners LLC.
The deal was confirmed by Kashper in September and backed by TSG Consumer Partners, an American private equity firm, who have together formed Blue Ribbon, the parent company of Pabst.
Financial terms of the contract have not been confirmed, but insiders at the New York Times placed the deal at being worth “more than $700 million in cash”.
Mr Kashper, former chairman of Oasis Beverages and now CEO of Pasbt, said: “We are thrilled to complete the acquisition of this great company. I started my career with The Stroh Brewery Company, selling many of Pabst’s classic brands, such as Old Milwaukee, Schaefer, Schlitz and Stroh’s. In the twenty years since then, I have been selling, marketing and brewing beer – and have loved every minute of it. The opportunity to work with a timeless American brand like Pabst Blue Ribbon is a dream come true. We will stay true to Pabst’s roots and are committed to investing in the Company’s organization and brands.”
Mr. Kashper has been named chairman and chief executive officer of Pabst, while the rest of Pabst’s executive leadership team will continue in their current roles.
Pabst’s board of directors will include Mr Kashper, Brooklyn Brewery chief executive officer Eric Ottaway and Brian Krumrei, managing director at TSG.
Krumei said: “We are excited to partner with Eugene and the rest of the management team to build on Pabst’s heritage of over 170 years. Pabst is an exceptional story and we look forward to being part of its future growth with consumers and distributors in the U.S. and abroad.”
Pabst Brewing Company was founded in 1844 and is North America’s largest privately held brewing company known for brands including Colt 45, Milwaukee and Pabst Blue Ribbon. It was previously owned by Dean Metropoulos, a consumer products magnate who currently owns America’s popular Twinkie line having acquired it in 2010 for a reported $250 million.
Oasis Beverages, founded by Kashper in 2008, is Russia’s largest independent brewer and distributes international brands, including Heineken, in Russia and Eastern Europe.