Ballast Point Brewing (San Diego, CA) has sold to Constellation Brands (NYSE: STZ) for $1 billion dollars (USD).
As for Constellation Brands beer portfolio, it includes Corona, Modelo, Victoria, and Pacifico. This is the first craft brand to join Constellation’s lineup.
The $1 billion dollar bet on craft beer comes with Ballast Point spirits as well. The brewery states the day to day operations will continue to run as a stand-alone company, with existing management team, and near 500 employees across its business.
“We started this business nearly 20 years ago with a vision to produce great beer that consumers love and to do it the right way,” said Jack White, founder of Ballast Point Brewing & Spirits. “To achieve that vision, we needed to find the right partner. The team at Constellation shares our values, entrepreneurial spirit and passion for beer, and has a proven track record of helping successful premium brands reach the next level of growth and scale.”
Ballast Point’s 2015 sales are expected to clear $115 million. Then brewery was founded in 1996.
