(Woodridge, IL) – Standard & Poor’s broke the news yesterday that Pabst owners have found their man.

Back in November, news spread that the IRS told the trust fund behind Pabst that it finally had to find a new owner. Several months later, that search has come to an end.

There are multiple reports stating that the owners of Pabst Brewing, the third largest U.S. beermaker, are trying to secure $100 million in debt financing to close on a deal with C. Dean Metropoulos & Co., a Connecticut-based private-equity firm.

Per Bloomberg, “The deal would give Metropoulos a beer company with more than 25 brands such as Schlitz and Colt 45 Malt Liquor. Pabst contracts production of its beer to companies like MillerCoors, a U.S. joint venture between Molson Coors Brewing Co. and SABMiller Plc. The agreement with MillerCoors expires in 2014, according to a regulatory filing.”

Pabst has been recognized in recent years for its unbelievable turnaround into a rapidly growing brand. The time is certainly right to sell (in more ways than one).

Beernet’s Harry Schuhmacher has been keeping close tabs on the deal over the last 24 hours. Schuhmacher added more insight today after yesterday’s original report:

“Pabst is set to be acquired by CPG tycoon C. Dean Metropoulos, the low profile billionaire who has turned around such brands as Duncan Hines, Armour, Vlasic Pickles, Mrs. Paul’s, Chef Boyardee, Jiffy Pop, and Log Cabin Syrup, among others. The deal is not final, and is contingent on financing we hear. But it’s imminent if such financing can be secured.”

For more on Metropoulos, check out this write-up on him from Forbes (hat tip to Neal Stewart and Schuhmacher).