Pabst Blue Ribbon Beer Sold to Russians
Pabst Blue Ribbon beer that also makes Colt 45 and Old Milwaukee is being sold to Russian investors. The company was purchase in 2010 by Dean Metropoulos for only $250 million and he will make a nice profit on the sale. The Pabst Brewing Company will be sold for more than $700 million.
The sales of Pabst in the U.S. was in decline for nearly 25 years but got a huge boost when it was mentioned in the film ‘Blue Velvet ‘with Dennis Hopper. Sales increased because it is dirt cheap and had an appeal for blue collar works. Even when other pale ales where declining, like Bud Lite and Miller Light, Pabst still grew.
That was until last year. All of sudden sales stopped rising in the U.S. but continued growth globally. It looks like the future of Pabst Blue Ribbon beer will be in the overseas market.