Molson Coors and founder Laran Bilimoria have purchased Cobra Beer for an undisclosed fee.
The brand has been struggling for a few years and announced last November that it was looking for a bidder for the business.
An outdoor, press, cinema and online campaign launched last year while Cobra also signed to sponsor programming on the male lifestyle TV channel Dave.
Despite difficulties, the campaign appears to have been a success with sales up 20% year on year in a falling UK beer market.