Pabst Brewing Co., the closely held 170-year-old American brewer, is being sold to eastern European drinks company Oasis Beverages.

Private-equity firm TSG Consumer Partners LLC will acquire a minority stake in Pabst as part of the transaction, the companies said yesterday in a statement. While the deal’s terms weren’t officially disclosed, the sale price was between $700 million and $750 million, according to a person familiar with the situation.

Metropoulos & Co. is selling Pabst, which also brews Schlitz and Old Style beers, four years after acquiring the brand for about $250 million. Metropoulos is also part owner of Hostess Brands, the maker of Twinkies snack cakes.

Oasis Beverages was founded in 2008 and operates in Russia, Kazakhstan, Belarus and Ukraine, according to its website. The company produces its own beers, juice and an energy drink, and imports beverages including Heineken, Chimay and Perrier.

TSG Consumer Partners, with offices in San Francisco and New York, was a former backer of Glaceau Vitaminwater and Yard House restaurants.

The beer industry has been attracting investor interest for a while. In August, private equity firm the Riverside Co. invested in Uinta Brewing Co. In February, AB InBev added craft beer company Blue Point to its offerings. 

--Additional reporting by Allison Collins.

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