Constellation Brands is buying a California craft brewing operation. The Victor-based wine, spirits and beer company announced Monday it will acquire San Diego-based Ballast Point Brewing & Spirits for about $ 1 billion.
Ballast is described as one of the fastest growing craft beer companies in the U.S. with a beer portfolio that includes more than 40 different styles of beer, led by popular Sculpin IPA and Grapefruit Sculpin IPA.
Constellation says the the partnership with Ballast Point provides a platform that will enable Constellation to compete in the fast-growing craft beer segment. The deal is expected to close by the end of the year.
Constellation is already the #3 beer company in the U.S., and the leader in premium wine.
