Less than 5 years after buying Ballast Point at a record price, Constellation cuts its losses and sells to little-known Kings & Convicts.
In a stunning deal that shows how much the craft-beer industry has changed in recent years, Constellation Brands Inc. on Tuesday unloaded the Ballast Point beer brand — which it bought for a record price in 2015 — to a little-known Chicago-area brewer for an undisclosed sum.
Ballast Point was founded in San Diego in 1996 and grew to become one of the nation’s largest and most respected independent brewers before its sale to Constellation, charging a premium price for its beer when few thought that craft beer could sell for that much more than mass-produced rivals. It rapidly expanded under Constellation, but became overextended, closing three facilities in the past year, laying off workers and canceling plans to open a brewpub in San Francisco.
For much of the past decade, giant brewing companies have been acquiring smaller craft brewers to capitalize on that segment’s rapid growth. But craft-beer growth has slowed in recent years, and the Ballast Point deal is likely among the industry’s biggest misses.“Trends in the U.S. craft beer segment have shifted dramatically since our acquisition of Ballast Point,” Constellation CEO Bill Newlands said in a statement.
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