It is a good time to be a popular craft brewer.
San Diego’s Ballast Point Brewing sold Monday for an astonishing one billion dollars to Constellation Brands, a large alcoholic beverage conglomerate.
Ballast Point began in 1996 as a small group of home brewers – but has grown to produce more than 4 million cases of 40 different styles of beer with 500 employees.
“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, in a news release. “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.”
Constellation Brands is the third largest beer distributor in the U.S., importing Corona Extra, Corona Light, Model Especial, Negra Modelo and Pacifico – which are not exactly a fave amongst the craft beer set, so not everyone was happy about it:
Another craft Brewery bites the dust today. Goodbye Ballast Point.
— Ryan Lance (@Ryan_Lance) November 17, 2015
Can't believe Ballast Point Brewing was sold for $1 Billion. Sad to see another craft brewery bought by a massive company.
— Mark Buchanan (@markbuchanan17) November 17, 2015
