NEW YORK -- Pabst Brewing Co., North America's largest privately held brewing company, said it has completed its sale to Blue Ribbon Intermediate Holdings LLC, Los Angeles. Blue Ribbon is a partnership between American beer entrepreneur Eugene Kashper and San Francisco-based TSG Consumer Partners LLC, a leading investor in growth consumer brands.
Terms of the transaction were not disclosed.
"We are thrilled to complete the acquisition of this great company," said Kashper. "I started my career with The Stroh Brewery Co., selling many of Pabst's classic brands, such as Old Milwaukee, Schaefer, Schlitz and Stroh's. In the 20 years since then, I have been selling, marketing and brewing beer and have loved every minute of it. The opportunity to work with a timeless American brand like Pabst Blue Ribbon is a dream come true. We will stay true to Pabst's roots and are committed to investing in the company's organization and brands."
Brian Krumrei, managing director at TSG, said, "We are excited to partner with Eugene and the rest of the management team to build on Pabst's heritage of over 170 years. Pabst is an exceptional story, and we look forward to being part of its future growth with consumers and distributors in the U.S. and abroad."
Kashper has been named chairman and CEO of Pabst, and the rest of Pabst's executive leadership team will continue in their current roles. Pabst's board of directors will include Kashper, Krumrei and Brooklyn Brewery CEO Eric Ottaway.
Eugene Kashper, age 45, is an American beer entrepreneur. He began his career in 1994 with Stroh Brewery in Detroit in international sales. He went on to co-found several companies in the beer and beverage industry including, most recently, Oasis Beverages, of which he was chairman from 2008 to 2014. He has been involved in building 10 beer and beverage plants, and has led marketing and distribution efforts for many international and local beer brands. As an importer/distributor, he has exclusively represented the Stroh brands, as well as Corona Extra, Heineken, Coors, Bavaria, Erdinger, Chimay, Kirin Ichiban, Amstel and others.
Kashper, an American citizen, grew up in Arizona and New Jersey after his family immigrated to the United States as political refugees from the Soviet Union when he was six years old. He graduated from Columbia University in 1992.
TSG is a leading strategic equity firm focused exclusively on the branded consumer sector. Representative past and present partner companies include vitaminwater, popchips, Muscle Milk, Meguiar's, Smashbox Cosmetics and Planet Fitness.
Since 1844, Pabst Blue Ribbon (PBR) has been American-owned and operated. Its portfolio includes iconic brands with deep ties to America's heritage such as Pabst Blue Ribbon, Lone Star, Rainier, Ballantine IPA, Schlitz, Old Style, National Bohemian and Old Milwaukee.
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