Back in September it was widely reported that Pabst Blue Ribbon would become a little less American after its parent company was purchased by a Russian beverage company. Only that was never actually the case.
The New York Times DealBook reports that despite a press release announcing the deal, Russian brewer Oasis never had any part in buying Pabst Brewing Company, maker of PBR, Colt 45, Old Milwaukee and Schlitz.
In reality, Oasis was never even included in talks to acquire Pabst. Instead, it was the former chairman of Oasis who independently sought the purchase of the American brewing company.
Eugene Kashper, a U.S. citizen who was born in Russia, was working with San Francisco-based private equity firm TSG Consumer Partners to close the deal.
Kashper and TSG created a new company – Blue Ribbon Intermediate Holdings – that eventually purchased Pabst.
The confusion over who was purchasing the brewing company came after Kashper, who reportedly has a long history in the brewing business, had apparently discussed a distribution agreement with Oasis that would have introduced Pabst to the Russian and Eastern European markets.
However, DealBook reports that those discussions broke down because market conditions in Russia and Eastern Europe made it an inconvenient time to introduce the beer in the area.
It remains unclear why the press release sent to media outlets contained the overtly inaccurate information. Kashper and TSG declined the publication’s request for comment and Oasis was unable to be reached.
Hey Guys, the Russians Aren’t Buying Pabst After All [The New York Times DealBook]
by Ashlee Kieler via Consumerist
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