Saturday, September 20, 2014
Say It Ain't So? PBR Sold To Russians
The global brewing business continued to resemble a shaken-up beer keg on Friday, as news of Pabst Brewing Co.'s sale to a Russian-based company made its way through Milwaukee, the city where Pabst's roots were first planted 170 years ago.
The Pabst news marked a dizzying week in which reports surfaced that Anheuser-Busch InBev NV, the world's largest brewery, is talking to banks about financing a $122 billion purchase of No. 2 brewer SABMiller, which operates two breweries and administrative offices in Milwaukee through its MillerCoors joint venture.
Then, news broke late Thursday that Pabst Brewing is being sold to Russian company Oasis Beverages for an undisclosed sum. Oasis is partnering with TSG, an investment firm, to buy Pabst. TSG Consumer Partners will take a minority stake in Pabst.
Oasis describes itself as a "leading independent brewer in Russia with growing soft drink operations." The company was founded in 2008. It has facilities in Kazakhstan, Belarus and Ukraine.
While Pabst and Milwaukee are synonymous, the company has been based in Los Angeles since 2010.
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. C. Dean Metropoulos & Co. bought Pabst in 2010 for $250 million.
The MillerCoors brewery in Milwaukee, part of SABMiller, brews Pabst among other brands under contract. http://www.jsonline.com/business/pabst-brewing-co-sold-to-oasis-beverages-b99354905z1-275711791.html
Seriously, what do Russians know about Brewing beer? Making vodka, yes, beer, nyet.