Oasis Beverages, a Russian food and beverage company owned by Eugene Kashper, announced it has entered into an agreement to acquire Pabst Brewing Company. TSG Consumer Partners, an investor in growth-oriented consumer brands, will acquire a minority stake in Pabst as part of the transaction.
“Pabst Blue Ribbon is the quintessential American brand – it represents individualism, egalitarianism, and freedom of expression – all the things that make this country great,” Kashper said for a press release. “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. We intend to invest meaningfully in the organization, to continue strong marketing support for PBC’s unique brands, and to drive new product innovations and renovations, such as the recent launch of Ballantine IPA.”
Kashper will serve as the CEO of PBC and the company’s headquarters will remain in Los Angeles, California.
Brian Krumrei, managing director at TSG, said “Pabst has a strong portfolio of authentic American brands including Pabst Blue Ribbon, Rainier, Lone Star, Old Style, Schlitz and National Bohemian, among others. We’re excited about the partnership with Eugene and the outlook for Pabst going forward.”
Dean Metropoulos announced in March he was seeking a new owner for Pabst, and hoped to sell it for between $500 million and $1 billion, according to some estimates. Terms of the transaction were not announced.
Pabst was founded in Milwaukee in 1844 by Jacob Best and later sold to beer tycoon Paul Kalmanovitz. The company was later left in a charitable foundation after Kalmanovitz’s death until a judge declared that it had to be sold. Metropoulos, who works with his sons Daren and Evan, bought Pabst from Kalmanovitz Charitable Foundation in 2010 for $250 million.
Kashper, a graduate of Columbia University, began his career in the beer industry in 1994 with The Stroh Brewery Co. Since then, he has managed brewing companies in Eastern Europe and the former Soviet Union. He founded Oasis Beverages in 2008 and currently serves as chairman, according to a company biography.
Pabst Brewing’s portfolio includes such brands as Pabst Blue Ribbon, Lone Star, Rainier, Ballantine IPA, Schlitz, Old Style, Stroh’s and Old Milwaukee.