Pabst brands own a special place in beer history, and include Schlitz, Colt 45 and Old Milwaukee. But the brand that may end up getting the company sold is Pabst Blue Ribbon, a hipster favorite that is seeing skyrocketing sales.
…on Tuesday, November 3, 2009 12:30 PMPabst Brewing Co., a beer maker with no actual breweries but some well-known brands, is reportedly looking for a buyer. But will anyone bite?Pabst has hired Bank of America (BAC) to push the deal, reports The New York Post, and wants to get about $300 million out of it.Pabst brands own a special place in beer history, and include Schlitz, Colt 45 and Old Milwaukee. But the brand that may end up getting the company sold is Pabst Blue Ribbon, a hipster favorite that is seeing skyrocketing sales.Since it doesn’t own breweries, Pabst acts mainly as a marketing company, reports the Milwaukee Journal Sentinel. It contracts out the beermaking to other brewers.Despite its hardscrabble, old-school image, Pabst is actually owned by a charitable foundation in Northern California. But the Internal Revenue Service doesn’t like charities to run for-profit companies, and is demanding a sale.Problem is, no one wants to buy. The charitable foundation hasn’t been able to find a buyer for…
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Pabst Brewing Co. for sale
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