Pabst Sold

June 25/Greenwich, Conn./PRNewswire -- Metropoulos & Co. has acquired Pabst Brewing Company. Financial terms of the transaction were not disclosed.

Pabst Brewing Company has been in business since 1844. The company produces several of America's best-known brand labels, including the award-winning Pabst Blue Ribbon, Old Milwaukee, Lone Star, Colt 45, Old Style and Schlitz. Headquartered in Woodridge, Ill., with offices in Milwaukee and San Antonio, Pabst generates annual sales in excess of $500 million.

Dean Metropoulos said, "My sons, Evan and Daren, and I are proud to be part of this 165 year-old historic American icon. Pabst Brewing Company is one of America's most traditional and well-recognized beer companies and the producer of brands with great heritage and attractive growth trends. Our flagship Pabst Blue Ribbon is America's fastest-growing beer brand and the growth of several of our other brands currently outpaces the market.

"We approach Pabst with a long-term commitment to work closely with our partner distributors and to focus all of our energies on providing consumers with innovative flavors, quality and freshness that satisfy their changing and often regional tastes. It's an exciting, innovative and yet traditional industry and we will be vigilant in maintaining and building upon the authenticity of each of our products and brands, which has earned them their loyal consumer followings. This authenticity has been at the heart of the company's success to date and will be the foundation of its future success."

Metropoulos will serve as chairman and CEO of Pabst. Sons Evan and Daren, who have been associated with the unique innovation and turnaround of many of the group's past acquired brands, will be actively involved in Pabst's operations and strategic direction. The Pabst management team will remain in place under the new ownership.

"The Pabst management team has done an excellent job of developing leading national and regional brands and their expertise and dedication were key factors in our decision to acquire the company. Evan, Daren and I look forward to partnering with the team to continue the exceptional momentum they have built," Metropoulos added.Advisors to the Metropoulos group include Barclays and the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP. Lenders include GE Capital and Wells Fargo.

From the June 28, 2010, Prepared Foods' Daily News
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