Constellation Brands (NYSE: STZ) has announced the acquisition of San Diego-based Ballast Point Brewing & Spirits.
Ballast Point filed paperwork with the SEC last month in preparation for taking the company public. Now, in lieu of an IPO, their quest for capital has been fulfilled in a deal valued at approximately $1 billion.
This valuation for Ballast Point puts them on par with Lagunitas Brewing, who recently sold half of their company to Heineken in a deal that insiders say valued the Petaluma craft brewery around $1 billion.
Constellation Brands have long focused on wine and spirits—Robert Mondavi, Kim Crawford, Estancia, Svedka and Black Velvet are among the leading labels in their portfolio. This is the second major beer purchase in the company’s recent history, having acquired the rights to Corona and Modelo beers in the U.S. in a $5.3 billion deal with A-B InBev in 2013.
Read the Press Release: [H/T Nasdaq]