Veteran food industry investor C. Dean Metropoulos is seeking a new owner for Pabst Brewing Co, best known for blue collar-turned-hipster favorite Pabst Blue Ribbon label, people familiar with the matter said.
Los Angeles-based Pabst, whose beer and malt liquor labels also include Schlitz and Old Milwaukee, has hired boutique investment bank Perella Weinberg Partners to assist with the effort, the people said on Saturday.
While the sale process is still at an early stage and detailed financial information is not available, Pabst is expected to fetch between $500 million and $1 billion, some of the people said.
Worth $1.3 billion according to Forbes, Metropoulos has built a fortune turning around struggling food brands like Chef Boyardee, Bumble Bee Tuna and Vlasic pickles.
Metropoulos came to the US from Greece as a child and has sold everything from milk to pickles to frozen foods over the last few decades.