Oasis Beverages bought Pabst Brewing for $700 Million.
Russian Brewer and beverages distributor Oasis Beverages purchased Pabst Brewing Company in a $700 million deal.
Oasis Beverages is a prominent brand in Russia. The company distributes well-known international brands like Heineken in Russia and Eastern Europe.
The deal is backed by private equity firm TSG Consumer Partners, a powerhouse in the food and beverage industry with products like Popchips, Vitaminwater and Muscle Milk.
Pabst Brewing is a Milwaukee-based company and the maker of Old Milwaukee, Schlitz and Colt 45.
The deal includes acquisition of the iconic Pabst Blue Ribbon (PBR), a brand included in the Pabst Brewing Company.
"Pabst Blue Ribbon is the quintessential American brand-it represents individualism, egalitarianism and freedom of expression -all the things that make this country great," as quoted by Eugene Kashper, Chairman of Oasis Beverages.
Pabst previous owner, Dean Metropolous bought Pabst back in 2010 for only $250 million.
Prior to the sale, Pabst was managed by Co-chief Executives Evan and Daren Metropolous, sons of Dean Metropolous.
Dean Metropolous is the "Twinkie Tycoon" who bought the Twinkie brand from original owner Hostess Brands.
Now, Metropolous is selling back Pabst Brewery for a total of $700 million, earning a profit of $450 million.
Looking back, Pabst glory years were in the early '90s. It was the year 1977 when the company earned record-breaking sales selling 18 million barrels. Pabst was included in "America's Big Beer pyramid."
Pabst beer was sold at a low price during 1985 when some of America's well-known beer brands were losing grip on the market. This created a huge following for Pabst and PBR, and the company experienced a boom in sales since its hey-day in the '70s.
In 2013, Pabst sold 6 million barrels of PBR, far from the 18 million sold during the 1970s, but considered a big feat still.
