It's as if a million hipsters cried out at once, hoping to get a piece of their beloved brewery.
The Pabst Brewing Co. has gone up for sale, according to the Chicago Tribune. The popular beer label, which produces Schlitz, Old Milwaukee, and the hipster fuel Pabst Blue Ribbon is looking for a buy out between 500 million and 1 billion dollars. C. Dean Metropoulos, the current owner of Pabst, and food investment mogul, is hoping to find a buyer soon.
Metropoulos has also recently purchased Twinkies, Cupcakes and Ding Dongs from the bankrupt Hostess last year, to the delight of junk food fans everywhere. This included the product's relaunching, featuring the catchphrase, "The sweetest comeback ever." Metropoulos made his fortune in turning around food brands that were struggling, including Vlasic Pickles, Chef Boyardee, and Bumble Bee Tuna.
Pabst is one of the oldest breweries in the United States, founded in Milwaukee in 1844 by Paul Best. It was then owned by beer tycoon Paul Kalmanovitz until his death, and then fell into the hands of his charitable foundation. Metropoulos bought the brewery in 2010 for 250 million dollars.
There is word that the brewery may go up for a public offering, instead of an absolute buyout. This would allow the brewery's fate to go into the hands of the public.
