Family-owned investment firm sees potential for brands
Pabst Brewing Company, the third-ranked brewer in the US with a portfolio of once market leading and now underinvested brands, has been bought by a private investor for an undisclosed sum.
C Dean Metropoulos & Co has entered the world of brewing, taking over fast-growing Pabst Blue Ribbon, regional brands such as Rainier and Lone Star, and other brands acquired over the years from now-defunct brewing concerns such as Stroh and G Heileman. Metropoulos & Co has a track record with FMCG investments, with 65 acquisitions in the United States, Europe and Latin America totalling more than US$10 billion.
Pabst is to be headed by Dean Metropoulos as chairman and CEO with his sons Evan and Daren to be actively involved in Pabst’s operation and strategic investments. Pabst’s management team will remain in place under the new ownership.
Speaking to Bloomberg TV, Dean Metropoulos was enthused about Pabst’s portfolio, in particular Pabst Blue Ribbon, already a counter-culture favourite amongst younger consumers. Lone Star was described as a “doubling opportunity” and Rainier and Colt 45 were also cited as having growth potential.
Metropoulos noted, “These were the biggest brands back 20, 30 years ago, 50 years ago.”
MillerCoors will continue to brew Pabst’s brands. Metropoulos told Bloomberg that the deal was contingent on a long-term continuation of the existing contract brewing arrangement.
Pabst, headquartered in suburban Chicago with offices in Milwaukee and San Antonio, was owned by S&P Company, part of a charitable non-profit corporation.