Na zdorovye, Pabst! Russian brewing company buys iconic American beer label
Almost in the same All-American league as baseball, hot dogs, apple pie and Chevrolet, Pabst Blue Ribbon beer will now be in the hands of a Russian brewer.
Oasis Beverages, which did not even classify beer as an alcoholic beverage until 2011, announced on Thursday that it would acquire the 170-year old American brewer Pabst Brewing Company with American private-equity firm TSG Consumer Partners owning a minority share.
The Russian company reportedly paid $700 million for the American beer label, which makes a decent profit for C. Dean Metropoulos, the firm that bought Pabst in 2010 for $250 million.
Oasis, which also has operations in Ukraine, Belarus and Kazakhstan, is a beverage heavyweight in its own right, putting out local favorites, like Golden Tankard, and the Soviet-era Zhiguli label.
An Oasis spokesperson attempted to calm fears that some radical changes may be coming for Pabst.
"There are definitely no plans to change any of the recipes of the brands," an Oasis spokesperson told CNNMoney. "The entire team at Pabst including the Head Brewer Greg Deuhs will continue to focus on maintaining the classic recipes and consistent quality of all Pabst products. No changes whatsoever."
"There are definitely no plans to change any of the recipes of the brands," an Oasis spokesperson told CNNMoney. "The entire team at Pabst including the Head Brewer Greg Deuhs will continue to focus on maintaining the classic recipes and consistent quality of all Pabst products. No changes whatsoever."
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