The Russian firm Oasis Beverages has entered into an agreement to buy the iconic American brewer Pabst Brewing Company, in partnership with TSG Consumer Partners, an American private-equity firm.

PBC brews Pabst Blue Ribbon, the beer that has made a comeback over the last decade thanks to a dedicated cult following. The company, which has been in existence since 1844, also makes other popular brands like Colt 45, Schlitz, and Old Milwaukee. It now partners with Oasis, the largest independent brewer in Russia.

"Pabst Blue Ribbon is the quintessential American brand – it represents individualism, egalitarianism, and freedom of expression – all the things that make this country great," Eugene Kashper, the chairman of Oasis Beverages, said in a statement.

"The opportunity to work with the company’s treasure trove of iconic brands, some of which I started my career selling, is a dream come true. It will be an honor to work with Pabst's dedicated employees and partner distributors as we continue to build the business."

Kashper said the company would continue to be based out of Los Angeles. Precise terms of the deal weren't immediately disclosed.

"We are delighted at Mr. Kashper's and TSG's strong commitment to growing the unique Pabst portfolio, and we are very supportive of the new ownership group and their exciting plans for the future," said Dean Metropoulos, a current co-owner of PBC.