Ballast Point, the billion dollar craft beer, has been acquired again.
Constellation Brands Inc. announced an agreement to sell the brand to Chicago-based Kings & Convicts Brewing Co. Kings will acquire some of Ballast Point’s production facilities and breweries, excluding Constellation’s Craft & Specialty operations in Daleville, Virginia, according to Constellation.
Details of the acquisition were not released.
Ballast Point broke ranks with some in the San Diego craft beer community in late 2015 when it sold to big-beverage company Constellation.
Perhaps some of the craft brew sizzle has fizzled, at least, for the big company.
“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…”
As part of this agreement, 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, according to Constellation.
“Our goal is to leverage Ballast Point’s deep know-how, talented and passionate employee base, and outstanding operating team to grow both Ballast Point and Kings & Convicts together,” said Brendan Watters, Kings & Convicts’ chief executive officer.