$700 million PABST BLUE RIBBON BEER SOLD TO RUSSIAN company Oasis Beverages, a Russian brewer and beverages distributor says James Dean @ iHumanMedia.com.
Pabst was owned by Dean Metropoulos, the consumer products guru 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. Since taking Pabst over, Mr. Metropoulos has turned management of the company over to his sons, Evan and Daren, who have served as co-chief executives. They are expected to step down after a sale.
Oasis is the biggest independent brewer in Russia, producing a variety of regional brands. It also distributes some big international brands like Heineken in Russia and Eastern Europe.
TSG, with offices in San Francisco and New York, has owned stakes in food and beverage companies including Popchips, Vitaminwater and Muscle Milk over the years.
The deal comes as the beer industry braces for more deals. On Sunday, Heineken said it rejected an offer from SABMiller that would have been worth $50 billion or more. Though that deal may not get done, the offer has revived speculation about more consolidation in the beer business.