After nearly a decade on the market, someone has finally gotten beer-goggled enough to plunk down the cash to purchase Pabst Brewing Co. According to reports, the deal went down for an ice-cold $250 million, though for only a dollar more they could have gotten a shot of Jameson to go along with it.
Pabst, which not only has the loved/loathed Pabst Blue Ribbon brand, but also Schlitz, Old Style, Lone Star and Colt 45, had been owned by the Kalmanovitz Charitable Foundation, but federal law prohibits charities from owning for-profit businesses for more than five years.
The Foundation had been ordered to sell the company by 2005, but got a 5-year extension from the IRS.
The reported buyer of the brewer — the #5 suds supplier in the U.S. — is C. Dean Metropoulos, who has made his name managing big-time brands like Bumble Bee Tuna, Vlasic Pickles, Chef Boyardee, Duncan Hines and Ghirardelli Chocolates.
Woodridge-based Pabst Brewing to get new owner [Chicago Breaking News]