Craft Brewery Ballast Point Sold for Record $1 Billion to Constellation Brands
Popular San Diego-based craft brewery Ballast Point has been sold to Constellation Brands — the world’s leading wine producer and the third-largest beer company in the United States, with brands like Corona Light, Corona Extra, Negro Modelo, and Pacifico.
Ballast Point Brewing and Spirits is the latest craft brewery to be acquired by a major brewery, following the sale of Lagunitas to Heineken, Saint Archer to MillerCoors, and Elysian to Anheuser-Busch. Big beer brands continue to merge, too, with the acquisition of SABMiller by Anheuser-Busch InBev.
In a press release from Constellation Brands, Ballast Point pledged to continue operating “as a standalone company with its existing management team and employees running the day-to-day operations,” while Constellation’s “strong financial position and willingness to invest in growth” will allow the company to expand across the United States.
“We believe in the vision that Jack and his team have created and we're excited to welcome Ballast Point, one of the most respected craft brewers in the country, to the Constellation Brands family,” Constellation Brands CEO Rob Sands said in a statement. “Their business philosophy and entrepreneurial spirit perfectly align with our culture and we look forward to strengthening our position in the high-end beer segment with what is arguably the most premium major brand in the entire craft beer business.”