The deal is finally done for Pabst Brewing Company to acquire the former Molson Coors production facility in Irwindale, California.
The two companies announced the closure of the transaction, first announced in May. Pabst exercised an option it had with Molson Coors to acquire the 40-year-old brewery for $150 million.
According to a press release, the completion of the deal is with Pabst subsidiary Irwindale Brew Yard (IBY LLC).
“We are pleased to complete the acquisition of the Irwindale Brewery property,” Irwindale Brew Yard president Adam Sher said in a press release. “We are continuing to conduct our feasibility study to determine whether there is a path to reopen and operate the brewery at a later date and are committed to choosing a path forward that is in the best interest of all our stakeholders.”
Sher’s LinkedIn page lists him as general counsel to Pabst and a partner at Sher Law Group.
Molson Coors announced in January plans to cease production at the facility. Production of the 4.8 million barrels of product brewed at Irwindale has since shifted to Molson Coors’ breweries in Golden, Colorado, and Fort Worth, Texas.
“The sale of the Irwindale facility allows us to streamline our operations for greater efficiency across our network and further strengthen our liquidity,” Molson Coors Chief Financial Officer Tracey Joubert added in the release.
In November 2019, Pabst entered into an agreement with contract brewer City Brewing Company to produce the company’s beers and other beverages until 2040.