Lager-style beers constitute the vast majority of the beer market, and yet, the genetic origin of the yeast strains that brew them has been shrouded in mystery and controversy. Unlike ale-style beers, which are generally brewed with Saccharomyces cerevisiae, lagers are brewed at colder temperatures with allopolyploid hybrids of Saccharomyces eubayanus x S. cerevisiae. Since the discovery of S. eubayanus in 2011, additional strains have been isolated from South America, North America, Australasia, and Asia, but only interspecies hybrids have been isolated in Europe. Here, using genome sequence data, we examine the relationships of these wild S. eubayanus strains to each other and to domesticated lager strains. Our results support the existence of a relatively low-diversity (π = 0.00197) lineage of S. eubayanus whose distribution stretches across the Holarctic ecozone and includes wild isolates from Tibet, new wild isolates from North America, and the S. eubayanus parents of lager yeasts. This Holarctic lineage is closely related to a population with higher diversity (π = 0.00275) that has been found primarily in South America but includes some widely distributed isolates. A second diverse South American population (π = 0.00354) and two early-diverging Asian subspecies are more distantly related. We further show that no single wild strain from the Holarctic lineage is the sole closest relative of lager yeasts. Instead, different parts of the genome portray different phylogenetic signals and ancestry, likely due to outcrossing and incomplete lineage sorting. Indeed, standing genetic variation within this wild Holarctic lineage of S. eubayanus is responsible for genetic variation still segregating among modern lager-brewing hybrids. We conclude that the relationships among wild strains of S. eubayanus and their domesticated hybrids reflect complex biogeographical and genetic processes. Yeasts are key industrial microbes, most notably Saccharomyces cerevisiae, which is used to make a variety of products, including bread, wine, and ale-style beers. However, lager-style beers are brewed with interspecies hybrids of S. cerevisiae x Saccharomyces eubayanus. After its discovery in South America in 2011, rare strains of S. eubayanus have also been isolated outside of South America. Here we compare the genome sequences of several new and recent isolates of S. eubayanus from South America, North America, Australasia, and Asia to unravel the relationships of these wild isolates and their domesticated European hybrids. Two South American populations have the highest genetic diversity. One of these populations is closely related to a relatively low-diversity lineage that is spread across the Northern Hemisphere and includes the S. eubayanus parents of lager yeasts. Interestingly, we find that none of the wild isolates of S. eubayanus is the sole closest relative of lager-brewing hybrids. Instead, we show that standing variation among wild S. eubayanus strains contributed to the genetic makeup of lager yeasts. Our findings highlight the complex ancestries of lager yeasts and the importance of broader sampling of wild yeasts to illuminate our understanding of the sources of genetic variation among industrial hybrids.