News Briefs for September 12, 2014September 12, 2014
•Pabst Brewing, which has been rumored to be on the selling block for several months, is now in serious talks to be acquired by a group led by private equity firm TSG Consumer Partners, the Wall Street Journal reports. The prospective deal could value the company—whose brands include Pabst Blue Ribbon, Schlitz and Old Milwaukee—at “somewhat less than $1 billion,” the report said. The brewer is currently owned by private equity Metropoulos and Co., which acquired it from Kalmanovitz Charitable Foundation for a reported $250 million in 2010. The current talks with TSG, based in San Francisco and New York, could still fall apart, and Metropoulos could even elect to retain Pabst and recapitalize it, WSJ’s sources added. Pabst’s core Blue Ribbon beer rose 7% to 35 million cases in the U.S. last year, according to Impact Databank.
•Diageo North America has named the winners of its 11th Annual Golden Bar Awards, recognizing top-performing distributors across its spirits, wine and beer business. Southern Wine & Spirits of Indiana received Diageo’s Distributor of the Year award for the spirits category, while Ben Arnold Beverage Company of South Carolina and Glazer’s of San Antonio took home Distributor of the Year honors for wine and beer respectively.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.