I don’t hate on PBR. As someone who loves shitty working class Pennsylvania beers like Yuengling, I respect PBR’s blue-collared roots. Unfortunately, on a pop culture level, PBR is *the* go-to thing that people use as ammo for making fun of pretentious hipsters. Like, even more so than beards, tats, skinny jeans, and daddy issues. Today the news broke that a Russian company is buying PBR’s parent company and brands, including Colt 45 and Old English. Via The New York Times:
The buyer is Oasis Beverages, a Russian brewer and beverages distributor. Backing Oasis is TSG Consumer Partners, an Americanprivate equity firm focused on consumer goods, which will take a minority stake.
“Pabst Blue Ribbon is the quintessential American brand – it represents individualism, egalitarianism and freedom of expression – all the things that make this country great,” Eugene Kashper, the chairman of Oasis Beverages, said in a statement. “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.”
Pabst has been owned by Dean Metropoulos, the consumer products magnate 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.
Damn…. $700 million sales price? When you think about it, the Twinkie man just made $500 million, which is like the most American thing ever. Time to start drinking Genny Cream Ale, hipsters.
This poor patriot has to be devastated.