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Pabst Brewing Company (PBC), responsible for brews like Pabst Blue Ribbon and Schlitz that call to mind steamy turn of the century dive pubs where oppressed workers could talk socialism over tall pint of amber, is for sale again. According to the New York Post, Pabst’s owner Kalmanovitz Charitable Foundation, is seeking $300 million dollars for the company (about the same about that the US government is spending to encourage people to buy green appliances).
Paul Kalminovitz bought PBC in 1985. However, the ownership of for-profit entities, like breweries, by charitable organizations is forböden by federal law. Accordingly, the IRS gave Kalmanovitz’s foundation until 2005 to sell the company. When no buyer could be found for the progenitor of Schlitz & brood, the IRS extended the deadline until 2010.
Pabst Brewing Company wasn’t always lonely and rejected. For more than a century Milwaukee was Pabst country. Founded by Jacob Best in 1844 and later named after Fredrick Pabst, son in law of Philip Best, Pabst brewed a lot of beer for a lot of folks. They closed their last brewery in 2001 and hired Miller Brewing Company to brew all of their beers. Today, PBC concentrates on marketing their old-line beers, rather than brewing them.
