The Russian beverage company Oasis Beverages has acquired the Pabst Brewing Company, maker of the Pabst Blue Ribbon beer brand, for an undisclosed sum.
The partner of Oasis Beverages in the transition is TSC Consumer Partners, an American private equity consumer products company that will take a minority stake in the business.
In addition to Pabst Blue Ribbon label, Pabst Brewing produces brands such as Colt 45, Old Milwaukee and Schlitz, as well as regional products such as Lone Star, Rainier and Old Style.
In a statement, Oasis Beverages chairman Eugene Kashper commented: “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.”
Kashper will serve as CEO of Pabst Brewing, which will retain its Los Angeles headquarters.
Although the details of the transaction were not disclosed, analysts estimate the value of the deal at more than $700 million in cash.
Source: USA Today / Food Manufacturing