Additional information about the recently announced sale of Pabst Brewing by billionaire C. Dean Metropoulos is seeping out, and again primarily the information is coming from Harry Schuhmacher, from Beer Business Daily (proving once again everyone in the beer business should subscribe to his daily newsletter).
The Wall Street Journal is reporting that the sale price to Metropoulos is $250 million. They also claim that the “deal is ‘in its final stages’ and is being backed by GE Capital. MillerCoors will presumably continue to brew the beers for Pabst, since their contract isn’t up for renewal until 2015.”
Perhaps most frightening, and clear proof that Pabst won’t become a more sophisticated brand under the new management:
The Journal says that Metroupoulos’ two sons, Evan 29, and Daren 26, “are expected to play key roles at Pabst.” These two guys are men about town for sure. The New York Times society columnist describes meeting them at a party where they were lounging on a couch. When the writer didn’t know who they were, Evan reportedly said, “Where you been, man? I’ve been on David Letterman and Howard Stern … I’ve been with more chicks than any fat guy you know, except Pavarotti.”
Wow, classy. But then again, it is PBR. Beer Business Daily also had a lengthy update with more information yesterday that’s worth taking a look at.