This morning it was announced that Constellation Brands has reached an agreement to purchase Ballast Point Brewing & Spirits. This will bring a large craft beer product to the Constellation Brands portfolio. Currently Constellation Brands owns beers such as Corona and Modelo, as well as wine and spirits, including Robert Mondavi and Svedka Vodka.
Now before you wonder how yet another craft beer company can sell out to big business, consider this: Constellation Brands is paying $1-Billion to purchase San Diego’s Ballast Point, the maker of popular craft beers such as Sculpin IPA. Yes, billion with a B. We would imagine that’s a pretty tough dollar amount to refuse. In fact, we can’t even say “one billion dollars” without a mental image of Dr. Evil popping into our heads…
You can read much more about the Constellation Brands/Ballast Point deal and the full press release in this article from Brewbound.com.