As San Diego's craft beer culture booms, Ballast Point Brewing and Spirits has been a local frontrunner.
According to Reuters, the San Diego Brewery will be bought by Constellation Brands for about $1 billion.
The deal is expected to be completed this year and will be financed with cash and debt, Victor, New York-based Constellation said Monday in a statement. The company is trying to strengthen its position in the "high-end beer segment", he said, with what he calls the "arguably the most premium major brand in the entire craft beer business".
Constellation first approached Ballast Point after the craft brewer filed paperwork for a public offering last month.
Tanks at Ballast Point's new brewery under construction in Miramar.
This is Constellation Brands' biggest acquisition since 2012.
The San Diego-based brewer makes more than 40 styles of beer and sells in more than 30 states.
Earlier this year Constellation made a smaller move into the craft beer category by teaming up with celebrity chef Rick Bayless to create beers under the name of the Tocayo Brewing Company. The Brewers Association, which represents more than 3,000 craft brewers nationwide, estimates that the craft beer industry will account for 20 percent of the country's $100 billion beer market by 2020. Also in September, Heineken announced it was taking a 50% stake in the Lagunitas Brewing Co., which is the fifth-largest craft brewer in the U.S.by volume.
Ballast Point founder Jack White and his management team will continue to run Ballast Point, Sands said. Their brands include Corona Extra, Corona Light and Pacifico.
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