Cyprus-based Oasis Beverages has entered into a definitive agreement to acquire Pabst Brewing Co., Los Angeles. As part of the transaction, New York-based investment firm TSG Consumer Partners LLC will acquire a minority stake in Pabst Brewing.
As a result of the purchase, Chairman of the Oasis Beverages board Eugene Kashper will serve as the chief executive officer of Pabst Brewing. The company’s headquarters will remain in Los Angeles.
“Pabst Blue Ribbon is the quintessential American brand,” Kashper said in a statement. “It represents individualism, egalitarianism and freedom of expression — all the things that make this country great. 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 [Pabst Brewing Co.’s] unique brands, and to drive new product innovations and renovations, such as the recent launch of Ballantine IPA."
Brian Krumrei, managing director at TSG Consumer Partners, added in a statement: “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.”
Pabst Brewing currently is owned by Evan, Daren and Dean Metropoulos, who are well-known investors and builders of iconic consumer brands, according to TSG Consumer Partners.
"We are delighted at Mr. Kashper's and TSG's strong commitment to growing the unique Pabst portfolio, and we are very supportive of the new ownership group and their exciting plans for the future,” the owners said in a statement.
Beverage Industry’s December issue highlights five beverages brands that are “shooting for the moon” in terms of innovation. Also in this issue, we spotlight the premiumization of the private-label beverage market, the latest trends impacting the use of tea ingredients in beverages, the growth of beverage sales in the eCommerce platform, and much more!