KPS Capital Partners, the New York-based turnaround private equity investor, has acquired Labatt USA from Anheuser-Busch InBev. The financial details of the deal remain undisclosed.

The transaction marks KPS’s debut in the beer market and includes the right to brew Labatt beer for the US market as well as its distribution.

InBev hoisted the ‘for sale’ sign last year in order to gain regulatory approval for its $50 billion takeover of Anheuser Busch. It has been reported that the Canada-headquartered business is worth around $300,000.

The private equity fund, which was co-founded by Bear Stearns veterans, has more than $1.8 billion under management and is focused on restructurings, turnarounds, bankruptcies and other distressed situations.