Pabst Brewing Co., Woodridge, Ill., was acquired by Metropoulos & Co., Greenwich, Conn. Metropoulous & Co. is an investor in and manager of branded consumer products and is owned by Dean Metropoulos, who will serve as chairman and chief executive officer of Pabst. Metropoulos’ sons, Evan and Daren, will be involved in Pabst’s operations and strategic direction.

“My sons, Evan and Daren, and I are proud to be part of this 165 year-old historic American icon,” Metropoulos said, in a statement. “Pabst Brewing Co. is one of America’s most traditional and well-recognized beer companies and the producer of brands with great heritage and attractive growth trends. Our flagship Pabst Blue Ribbon is America’s fastest-growing beer brand, and the growth of several of our other brands currently outpaces the market.”

Pabst’s management team will remain in place under the new ownership, the company said. Pabst Brewing Co. has been in business since 1844 and produces Pabst Blue Ribbon, Old Milwaukee, Lone Star, Colt 45, Old Style and Schlitz. In addition to its Illinois headquarters, the company has offices in Milwaukee and San Antonio.

“We approach Pabst with long-term commitment to work closely with our partner distributors and to focus all of our energies on providing consumers with innovative flavors, quality and freshness that satisfy their changing and often regional tastes,” Metropoulos said. “It’s an exciting, innovative and yet traditional industry and we will be vigilant in maintaining and building upon the authenticity of each of our products and brands, which has earned them their loyal consumer followings. This authenticity has been at the heart of the company’s success to date and will be the foundation of its future success.”

Metropoulos & Co. has invested in and managed several branded consumer businesses over the past 25 years, including The Morningstar Group, Ghiradelli Chocolate, Mumm and Perrier Jouet Champagnes of France.