San Diego based craft beer maker Ballast Point Brewery has just been acquired by Constellation Brands Inc. in a deal worth $1 billion reports Brewbound.
Ballast Point is one of the fastest growing craft brewers in the US with a line-up of over 40 different varieties of beer. The Sculpin IPA and Grapefruit Sculpin IPA are the company's best known brews.
The official press release says that Ballast Point will continue to operate as a stand-alone company with the current management team and employees responsible for day-to-day operations.
"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 the announcement. "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."
Rob Sands, chief executive officer of Constellation Brands says, "Along with imports, craft beer is a key driver of growth and premiumization within the beer industry, with craft doubling its share of the U.S. beer market in the last five years. Ballast Point has certainly been a key driver of that growth. 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."
Ballast Point is on pace to sell nearly 4 million cases in calendar 2015, which would represent growth of more than 100 percent versus calendar 2014. Net sales for calendar 2015 are expected to approximate $115 million. Volume and net sales growth from calendar 2012 to calendar 2014 averaged over 80 percent.
