Greek-American Dean Metropoulos, the acquisition guru who bought Pabst Brewing Company for $250 million dollars in 2010, sold the iconic American beer-maker to Oasis Beverages, a Russian group.
According to the New York Times, Oasis Beverages paid more than $700 million to acquire the Pabst Brewing Company, which also makes Colt 45 and Old Milwaukee. The sale will net a tidy profit for Dean Metropoulos, the businessman who bought Pabst for a mere $250 million in 2010.
The company’s growth is to be credited to Dean Metropoulos’ sons who ran Pabst Brewing Co. after the acquisition until its sale. Evan and Daren Metropoulos, in a relatively short period of time, managed to make the beer a cool mainstream bargain brew with a global market.
Dean Metropoulos who was born in Tripoli, Greece definitely knows a thing or two about turning around brands. In 1996 he and partners formed International Home Foods, then revamped Chef Boyardee pasta products, PAM cooking spray and Bumble Bee seafood. In 2000 he sold IHF to ConAgra for $2.9 billion. Four years later he bought Aurora Foods out of bankruptcy and merged it with Pinnacle Foods (Aunt Jemima, Duncan Hines, Log Cabin). He and fellow investors sold it to Blackstone Group for $2.2 billion in 2007.
Metropoulos has also reinvigorated businesses such as U.K.-based Hillsdown Holdings (now public), Premier Foods and Mumm and Perrier-Jouet champagnes.
Metropoulos was born in Greece and came to Watertown, Mass. with his family at age 10. His father moved the family to America looking for a better future for his children. At age 25, he went to Geneva, Switzerland, to become a financial director for GTE International’s (now Verizon) European, Middle Eastern and African operations; he returned to the U.S. as the company’s youngest controller.