Pabst Brewing to be sold to Russian company

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Pabst Brewing to be sold to Russian company
TORONTO, ON - JUNE 30: Pabst Blue Ribbon beer. Summer drinks and cocktails and book series. June 30, 2014. (Chris So/Toronto Star via Getty Images)
LOS ANGELES, CA - JULY 25: A general view of atmosphere at the Pabst Blue Ribbon and DoLA present Municipal Waste: A Nuclear Keg Party held at the Echoplex on July 25, 2014 in Los Angeles, California. (Photo by Tommaso Boddi/Getty Images)
View of an advertisement for Schlitz beer ('The BEER That Make Milwaukee Famous'), Cincinnati, Ohio, 1953. (Photo by Betz-Marsh Studio/Cincinnati Museum Center/Getty Images)
BEVERLY HILLS, CA - OCTOBER 19: General Atmosphere at the Snoop Dogg Presents: Colt 45 Works Every Time at The Playboy Mansion Party with Evan and Daren Metropulos on October 19, 2012 in Beverly Hills, California. (Photo by Todd Oren/WireImage)
SONOMA, CA - MAY 16, 2013: A neon sign in the window of a bar in Sonoma, California, advertises Pabst Blue Ribbon beer. (Photo by Robert Alexander/Getty Images)
LAS VEGAS, NV - MARCH 21: View of the Pabst Blue Ribbon booth during the 28th annual Nightclub & Bar Convention and Trade Show at the Las Vegas Convention Center on March 21, 2013 in Las Vegas, Nevada. (Photo by David Becker/Getty Images for Nightclub & Bar Media Group)
Can of (G. Heileman Brewing Co. of La Crosse, WI) new Colt 45 Premium beer being marketed in Philadelphia area. (Photo by Sal Dimarco Jr./The LIFE Images Collection/Getty Images)
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NEW YORK (AP) - The maker of Pabst Blue Ribbon beer is being sold to Russian company Oasis Beverages for an undisclosed sum.

Oasis is buying Pabst with TSG, an investment firm known for its work with consumer products companies. TSG Consumer Partners will take a minority stake in Pabst.

In addition to its namesake beer, Pabst Brewing Co. makes Colt 45, Old Milwaukee and Schlitz, in addition to regional brews such as Lone Star, Rainier and Old Style. Pabst was acquired in 2010 by C. Dean Metropoulos & Co., which is known for investing in food brands, including Twinkie maker Hostess.

Pabst Brewing traces its roots back to 1844 in Milwaukee. Pabst Blue Ribbon in particular has also grown in popularity among people in their 20s and 30s in part for its blue-collar and retro appeal, as well as for its cheap price. Metropoulos has in recent years enlisted comedian Will Ferrell to market the company's beers.

Still, Pabst accounts for less than 3 percent of the U.S. beer market, said Eric Shepard, executive editor of Beer Marketer's Insights, an industry tracker. He also noted that many of the most popular beers in the U.S. are already owned by foreign companies. Anheuser-Busch InBev, which makes Budweiser and Bud Light, is based in Belgium.

In a statement, Oasis Chairman Eugene Kashper called Pabst Blue Ribbon the "quintessential American brand - it represents individualism, egalitarianism and freedom of expression - all the things that make this country great."

Kashper will serve as CEO of Pabst Brewing, which will keep its headquarters in Los Angeles.

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