Baltic Beverages Holding (BBH) was a major brewing conglomerate established to consolidate brewing interests across Russia, Ukraine, Kazakhstan, and the Baltic states of Latvia, Lithuania, and Estonia. Founded in the early 1990s, BBH emerged in the post-Soviet era as a vehicle for Western investment in Eastern European brewing, bringing together some of the region's most significant breweries under one holding structure. At its core, BBH encompassed a broad portfolio of established lager-focused breweries, with Baltika Brewery — Europe's second-largest brewery — serving as its flagship asset. The holding's breweries produced a wide range of lager styles tailored to local markets across the region, covering nearly 40% of the Russian beer market at its peak. Ownership of BBH evolved significantly over time. Initially shared equally between Carlsberg Breweries A/S of Denmark and Scottish & Newcastle of the United Kingdom, the holding underwent a major consolidation in 2008 when Carlsberg became its sole owner, fully integrating BBH's assets — including Baltika — into the Carlsberg Group.