Home / Business / San Diego-based Ballast Point Brewing sole for $1B

San Diego-based Ballast Point Brewing sole for $1B

Ballast Point Brewing Spirits, one of San Diego’s tip qualification drink producers, was acquired Monday by Constellation Brands for $1 billion.

Ballast Point, a scarcely 20-year-old operation famous for a renouned Sculpin IPA and Grapefruit Sculpin IPA, will continue as a stand-alone association with a existent government group and employees using a day-to-day operations, Constellation announced.

Ballast Point will be means to daub into Constellation’s finances to continue a growth.

“We started this business scarcely 20 years ago with a prophesy to furnish good drink that consumers adore and to do it a right way,” pronounced Jack White, Ballast Point’s founder.

“To grasp that vision, we indispensable to find a right partner,” White said. “The group during Constellation shares a values, entrepreneurial suggestion and passion for beer, and has a proven lane record of assisting successful reward brands strech a subsequent turn of expansion and scale.”

The understanding allows Constellation, that imports and distributes name brands like Corona and Robert Mondavi, to enter a fast-growing qualification drink market.

Ballast Point Chief Commercial Officer Earl Kight pronounced a brewer wasn’t offered out.

“We knew we were going to get some of that, though we consider there’s a healthy expansion to this,” he said.

He pronounced many calls came in after Ballast Point expelled a gain final month in expectation of going public. The company’s sales doubled after opening a 100,000 block feet trickery in Miramar final year. Constellation pitched a hands-off approach, that Ballast Point accepted.

“They don’t wish to disaster with a tip salsa we have going on here,” Kight said.

Gary McClain, a patron and fan of Ballast Point, pronounced he was happy for a brewer’s founders, though hoped Constellation would say a distance.

“I know it. we wish they leave them alone and let them do what they do,” he said.

According to a corner matter by a companies, Ballast Point is on gait to sell scarcely 4 million cases this year — double final year. Net sales for calendar 2015 are approaching to estimate $115 million.

According to a Brewer’s Association, Ballast Point ranked 31st as a qualification brewer in a U.S. in 2014 with a top sales volume. The region’s largest-seller, Stone Brewing, was ninth.

Ballast Point employs some-more than 500 employees, produces drink in 4 comforts in a San Diego segment and sells a drink in over 30 states, according to a statement.

Article source: http://www.10news.com/news/san-diego-based-ballast-brewing-sold-for-1b

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