Four years after buying California-based Ballast Point beer for $1 billion, Victor-based Constellation Brands announced on Tuesday that it is selling that company to a Chicago area company, Kings & Convicts Brewing Co. for an undisclosed sum.
The deal includes the sale of a number of associated production facilities and brewpubs.
“Trends in the U.S. craft beer segment have shifted dramatically since our acquisition of Ballast Point,” said Bill Newlands, Constellation Brands president and chief executive officer. “Ballast Point remains one of the most iconic craft beer brands in the country and we’re pleased to transition the business to an owner that can devote the resources needed to fuel its future success. At the same time, this decision allows Constellation to focus more fully on maximizing growth for our high-performing import portfolio and upcoming new product introductions, including Corona Hard Seltzer, scheduled to launch this spring.”
Kings & Convicts will retain all positions within Ballast Point’s existing workforce, with plans to hire additional resources to support the future growth of the business.
“We’re excited to welcome the team at Ballast Point into the Kings & Convicts family,” said Brendan Watters, Kings & Convicts’ chief executive officer. “We have long admired the quality and spirit of Ballast Point’s brands and team. Ballast Point’s best-in-class brewing standards will remain unchanged, delivering the same high-quality, award-winning products the company has become known for over the years.
