(TDB) - A Russian beverage company has bought a controlling stake in America’s Pabst Brewing Company for a reported US$700 million.

Oasis Beverages, a Russian brewer and beverage distributor, confirmed the deal on Thursday backed by TSG Consumer Partners – an American private equity firm which will take a minority stake in the company.

The financial terms of the contract were not disclosed but according to reports by the New York Times, insiders have placed the deal at “more than $700 million in cash”.

Pabst Brewing Company was founded in 1844 and is North America’s largest privately held brewing company known for brands including Colt 45, Milwaukee and Pabst Blue Ribbon.

Announcing the deal, Eugene Kashper, chairman of Oasis Beverages, said: “Pabst Blue Ribbon is the quintessential American brand – it represents individualism, egalitarianism, and freedom of expression – all the things that make this country great. The opportunity to work with the company’s treasure trove of iconic brands, some of which I started my career selling, is a dream come true.

“It will be an honor to work with Pabst’s dedicated employees and partner distributors as we continue to build the business. We intend to invest meaningfully in the organization, to continue strong marketing support for PBC’s unique brands, and to drive new product innovations and renovations, such as the recent launch of Ballantine IPA.”

Pabst was previously owned by Dean Metropoulos, a consumer products magnate currently the owner of America’s popular Twinkie line of products, having acquired it in 2010 for a reported $250 million.