C. Dean Metropoulos, the veteran food industry investor who bought Pabst Brewing Co. back in 2010, is now in the early stages of trying to sell the 170-year-old brewery, according to Reuters.
The Los Angeles-based producer of heritage beer brands like Pabst Blue Ribbon, Olympia and National Bohemian (Natty Boh), is expected to sell for somewhere between $500 million and $1 billion, according to the report, which cited unnamed sources.
While larger brewers and private equity firms are expected to show interest, the company is also considering an IPO as an alternative direction, the report said.
The independent advisory and asset management firm Perella Weinberg Partners has been tapped to advance the effort, according to the report. Kara Findlay, director and head of communications at Perella Weinberg could not be immediately reached for comment.
Metropoulos acquired Pabst from Kalmanovitz Charitable Foundation in 2010 for a reported $250 million.
In an interview with Bloomberg, Metropoulos told the outlet that with his sons involved, he had planned to keep the business within the family for at least 20 years.
At the time of purchase, the Wall Street Journal reported that approximately 15 other private equity firms had considered bidding on the company, including Morgan Stanley’s private equity arm
Metropoulos is a self-made billionaire whose net worth is valued at $1.3 billion, according to Forbes. He’s made his riches turning around struggling food brands, such as Chef Boyardee, Bumble Bee Tuna, and Pam cooking spray. Last year he bought select brands out of bankruptcy from Hostess Brands Inc. for $410 million and ultimately brought Twinkies back to market after a nine-month absence.
In addition to PBR, Pabst’s portfolio includes Schlitz, Old Milwaukee, Lone Star, Colt 45, and more.
Last month, Beer Business Daily reported that Pabst’s president and COO, Kevin McAdams, would depart the company.