How much did Ballast Point sell for?
Ballast Point Was Once Valued at $1 Billion. It Just Sold for a 'Surprisingly Low' Amount Chicago's Kings & Convicts purchased the brewery from Constellation Brands which paid $1 billion for it four years ago. "Buy low; sell high." It's an obvious investing maxim but it bears repetition for a good reason: It goes against human nature.
Could Ballast Point be a sustainable national brand?
And sure, Ballast Point may not generate the kind of excitement it did back when Sculpin IPA was taking the world by storm, but they at least have a chance to become a sustainable national brand with the right guiding hand. That said, Constellation probably never hoped that Ballast Point would become a losing venture for them.
Did constellation’s Ballast Point turn into a losing venture?
That said, Constellation probably never hoped that Ballast Point would become a losing venture for them. But at least Kings & Convicts can hang their hat on one thing: They are likely starting over $900 million less in the hole.
What is the biggest craft beer buyout ever?
The largest craft beer buyout ever went down today as Constellation Brands acquired San Diego-based Ballast Point Brewing & Spirits. The deal, worth an approximate $1 billion, is the latest—and by far the biggest—agreement to feature a craft brewery.
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Who owns Ballast Point now?
Kings & Convicts Brewing Co.California brewery Ballast Point is now officially part of Kings & Convicts Brewing Co., a Chicago-area brewing company. Kings & Convicts Brewing Co. announced in December it would purchase the makers of the popular Sculpin IPA from Constellation Brands.
Who bought ballast brewery?
Kings & ConvictsIt Just Sold for a 'Surprisingly Low' Amount. Chicago's Kings & Convicts purchased the brewery from Constellation Brands which paid $1 billion for it four years ago.
How much did Ballast Point get bought for?
$1 billionConstellation had acquired Ballast Point just four years ago – for a whopping $1 billion.
Who distributes Ballast Point?
Ballast Point is being sold to Illinois' tiny Kings & Convicts Brewing, which will move its headquarters to Ballast Point's hometown of San Diego.
Who bought Saint archers?
Molson Coors has walked away from San Diego's Saint Archer Brewery after seven years — pulling the brand from store shelves and selling the brewery and local taprooms to Kings & Convicts, the owner of Ballast Point.
Is Saint Archer closing?
Molson Coors Beverage Company will stop production of its Saint Archer brand and sell its San Diego-based brewery and taproom to Kings & Convicts Brewing Co., which owns the Ballast Point brand.
Is Cutwater owned by Ballast Point?
Ballast Point was also the first microdistillery in San Diego since Prohibition. The brewery was sold to Constellation Brands for $1 billion in 2015. Its distillery business was spun off to a new company, Cutwater Spirits, in 2017 and subsequently purchased by Anheuser-Busch in 2019.
Who owns Cutwater?
Anheuser-BuschBorn as a side project in a brewery, Cutwater later broke off on its own and was later bought by Anheuser-Busch to capitalize on nationwide distribution and marketing. Its sales are reportedly up 640 percent since 2017.
Who owns Stone brewery?
Sapporo'sStone Brewing, San Diego County's largest brewing company, has been acquired by Japanese beer giant Sapporo's United States branch, it was announced Friday. The deal is valued at around $165 million with potential for additional payments based on business performance and is expected to close in August.
How many breweries are there in San Diego?
Discover San Diego's Craft Beer Scene San Diego's meteoric rise as a craft beer capital has added an exciting element to the community, with more than 150 breweries, plus brew pubs and tasting rooms scattered across the county.
What brewery did Ballast Point buy?
Since buying Ballast Point, the corporation acquired Florida’s Funky Buddha Brewery and Dallas’ Four Corners Brewing. Founded in 1996, Ballast Point began as a side venture at Home Brew Mart, a popular supply shop for homebrewers.
How many employees does Ballast Point have?
Ballast Point’s 560 employees will all retain their jobs, while Watters said he plans to bulk up the company’s sales and distribution arms with 70 new hires. “What Constellation wanted from Ballast Point is not what Kings & Convicts wants,” he said. “It’s more about focusing on the areas that make sense.”.
How many states does Ballast Point beer come from?
New management would continue to distribute the beer in 49 states, but focus on key markets such as San Diego County, California, the West Coast, Chicago, Pennsylvania and Texas.
How much did Constellation pay for Miramar?
In 2015, Constellation Brands paid $1 billion for the Miramar company, still a record amount for a craft brewery. Coming just one month after MillerCoors’ purchase of another San Diego brewery, Saint Archer, this sale upset craft beer fans who saw Ballast Point as a locally owned bulwark against the multinational brewing concerns.
Did Constellation buy Ballast Point?
That plan was abandoned when Constellation agreed to buy Ballast Point. Although Constellation distributed Ballast Point’s beers across the country and bought TV ads featuring brewer Colby Chandler, this was not a successful marriage.
Why Constellation Brands made this decision
Constellation Brands, a leading alcoholic beverage maker, acquired Ballast Point in 2015 for $1 billion. Expansion in the high-growth premium market of craft beer was the motive. However, Constellation Brands is now selling Ballast Point amid a recent slowdown in the space.
Recent performance
Constellation Brands’ fiscal 2020 second-quarter net sales grew about 2.0% YoY (year-over-year) to $2.34 billion. Its sales were in line with analysts’ estimates. The company’s Beer segment continued to drive its top line growth. The segment’s sales grew 7.4% to $1.64 billion as Modelo Especial and Corona delivered strong performances.