Key Stats
- Blue Ribbon Partners acquired 100% ownership of Pabst Brewing Company in 2021
- The company was valued at approximately $700 million during the 2014 acquisition
- Pabst maintains a portfolio of over 30 beer brands across the United States
- The brewery was founded in 1844, making it one of America’s oldest brewing companies
Blue Ribbon Partners, an investment platform led by American beer entrepreneur Eugene Kashper, owns PBR beer. The company gained full ownership in 2021 after TSG Consumer Partners divested its stake from the original 2014 acquisition partnership.
Pabst Brewing Company operates as one of North America’s largest privately held brewing companies. The San Antonio-based firm recently launched Pabst Light in April 2025 and entered a production agreement with Anheuser-Busch InBev in early 2025. Under CEO Greig DeBow, appointed in August 2025, the company continues focusing on brand innovation while navigating challenging market conditions in the American beer industry.
Who Owns PBR Beer?
PBR beer is owned by Blue Ribbon Partners through its subsidiary Blue Ribbon Intermediate Holdings, LLC. Eugene Kashper serves as chairman of the board and leads the investment platform that maintains complete ownership of Pabst Brewing Company.
Current Ownership Structure
The ownership structure simplified in March 2021 when TSG Consumer Partners exited its investment. This transition gave Blue Ribbon Partners sole control over the iconic American brewery. Kashper, who originally partnered with TSG to acquire Pabst in November 2014, now directs all strategic decisions for the company.
Acquisition History
The 2014 deal valued Pabst at between $700 million and $750 million according to PitchBook data. This represented significant appreciation from the $250 million the Metropoulos family paid in 2010. The acquisition brought together Kashper’s beverage industry expertise with TSG’s consumer brand investment experience.
Largest Shareholders of PBR Beer
As a privately held company, PBR beer ownership remains concentrated within Blue Ribbon Partners. Unlike publicly traded competitors such as those behind Budweiser or Coors Light, Pabst does not have institutional shareholders or public market investors.
Eugene Kashper
Eugene Kashper functions as the primary stakeholder through Blue Ribbon Partners. Born in Leningrad in 1969, Kashper immigrated to the United States as a child with his family as political refugees. He graduated from Columbia University in 1992 with a degree in East Asian Studies before beginning his beer industry career with The Stroh Brewery Company in 1994.
His experience includes co-founding Oasis Beverages in Cyprus and building multiple beer and beverage operations across Eastern Europe. Kashper has been involved in establishing 10 beer and beverage plants throughout his career.
Blue Ribbon Partners
Blue Ribbon Partners operates as the investment platform controlling Pabst. The entity focuses specifically on U.S. beer and beverage opportunities. Michael Levitt serves as a partner within Blue Ribbon Partners and currently holds the position of interim CFO at Pabst Brewing Company.
Previous Stakeholders
TSG Consumer Partners held a significant ownership stake from 2014 until 2021. The San Francisco-based private equity firm has invested in notable consumer brands including vitaminwater, Muscle Milk, and Planet Fitness. Before TSG and Kashper’s acquisition, the Metropoulos family owned Pabst from 2010 to 2014. C. Dean Metropoulos and his sons revitalized the brand during their ownership period.
PBR Beer Ownership Timeline
History of PBR Beer Co-founders
The story of PBR beer begins in Milwaukee, Wisconsin, where German immigrant Jacob Best established Best and Company brewery in 1844. Best brought traditional German brewing techniques to America during a period of significant European immigration to the Midwest.
Jacob Best
Jacob Best founded the original brewery that would eventually become Pabst. His sons continued the family business, with Philip Best taking over operations and expanding the company’s reach in the regional market.
Frederick Pabst
Frederick Pabst arrived in America in 1848 and worked as a steamship captain on Lake Michigan. In 1862, he married Maria Best, daughter of Philip Best, and joined the family brewing business in 1863. When Philip Best retired to Germany in 1867, Frederick Pabst and his brother-in-law Emil Schandein transformed the company into one of America’s largest breweries.
Pabst pioneered aggressive marketing tactics and quality improvements that distinguished the brand. The company began tying blue silk ribbons around bottles in the 1880s, leading customers to request the blue-ribbon beer by name. The brewery officially adopted the Pabst Blue Ribbon name following recognition at the 1893 World’s Columbian Exposition in Chicago, though historical records about specific awards remain unclear. The company structure mirrors elements seen in other brewing dynasties like those behind Heineken and Molson Coors.
Who Is on the Board of Directors for PBR Beer?
The board of directors at Pabst Brewing Company maintains oversight of the privately held brewery. Current board composition reflects the concentrated ownership structure under Blue Ribbon Partners.
Executive Leadership
Eugene Kashper serves as chairman of the board at Pabst Brewing Company. His role involves guiding strategic direction while the operational leadership team manages daily business activities. Kashper’s involvement ensures alignment between ownership interests and company performance.
Finance and Investment Expertise
Michael Levitt holds a board position while also serving as interim CFO following the August 2025 leadership transition. Levitt brings over 30 years of corporate finance and asset management experience to his dual responsibilities. His partnership role in Blue Ribbon Partners connects board governance directly to ownership objectives.
Operational Leadership
Greig DeBow joined as CEO in August 2025 after previously serving as Executive Vice President of National Accounts from 2015 to 2019. His background includes leadership positions at 1st Phorm International, Zevia, Jack Link’s, Danone, PepsiCo, and Red Bull North America. The board appointed DeBow to drive innovation and strengthen consumer connections across PBR beer and other portfolio brands.
Historical Board Members
The original 2014 acquisition established a board that included Brian Krumrei from TSG Consumer Partners and Eric Ottaway, CEO of Brooklyn Brewery. Board composition has evolved as ownership transitioned to Blue Ribbon Partners’ sole control. Similar governance structures exist at major competitors including those producing Modelo beer and Corona beer.
PBR Beer Leadership Structure 2025
FAQs
Is PBR beer American owned?
Yes, PBR beer is American owned. Blue Ribbon Partners, led by U.S. citizen Eugene Kashper, maintains complete ownership of Pabst Brewing Company from its San Antonio headquarters.
Who founded Pabst Blue Ribbon?
Jacob Best founded the original brewery in 1844. Frederick Pabst later transformed and renamed the company in 1890 after joining through marriage in 1862.
Where is PBR beer made?
PBR beer is produced through contract brewing agreements with City Brewing Company and Anheuser-Busch InBev. Pabst closed its Milwaukee brewery in 1996.
How many brands does Pabst own?
Pabst owns over 30 beer brands including Lone Star, Rainier, Old Milwaukee, Schlitz, Old Style, Stroh’s, and its flagship Pabst Blue Ribbon.
Is Pabst Brewing Company publicly traded?
No, Pabst Brewing Company operates as a privately held company. Blue Ribbon Partners owns the brewery entirely without public market shareholders.
