Food & Beverage

Pass the Brewski? Pabst Sold to Russian Company

Elisha Fieldstadt
WIN-Initiative | Neleman | Getty Images

Attention, hipsters. Pabst Brewing Co.—and its signature Pabst Blue Ribbon, the ironic, iconic favorite of the young and the cool—has sold to a Russian beverage firm after a century and a half of American ownership, an investing firm announced Thursday.

Oasis Beverages, the largest independent brewer in Russia, bought Pabst, which also produces Colt .45, Old Milwaukee and Lone Star beers, according to a statement by the American investment firm TSG Consumer Partners, which will hold a minority stake.

Oasis Board Chairman Eugene Kashper said, "Pabst Blue Ribbon is the quintessential American brand—it represents individualism, egalitarianism and freedom of expression—all the things that make this country great."

Read More Anheuser-Busch lashes out over NFL issues

PBC's headquarters will remain in Los Angeles, according to the statement, but the terms of the sale were not disclosed. Pabst was established in 1844 in Milwaukee, according to the brewer's website. PBC was bought by investor Dean Metropoulos in 2010, and since then, he has managed the company with his two sons, Evan and Darren.

"We are very supportive of the new ownership group and their exciting plans for the future," Metropoulos said.