Iconic Milwaukee-based blue collar and hipster favorite Pabst Blue Ribbon has been sold for $700M to a company based in Russia.
The buyer is Oasis Beverages, a Russian brewer and beverages distributor. 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,” Eugene Kashper, the chairman of Oasis Beverages, said in a statement. Pabst has been owned by Dean Metropoulos, the consumer products magnate who recently took over the Twinkie line of products from Hostess Brands with private equity firm Apollo. Mr. Metropoulos acquired Pabst in 2010 for about $250 million, and the sale to Oasis and TSG will be a healthy return on his investment.
Pabst Brewing was founded 170 years ago. Included in the sale are its brands Lone Star, Stroh’s, Old Milwaukee, Schlitz, and Colt 45.