Constellation Brands, Inc. (NYSE:STZ) (NYSE:STZ.B), a leading
beverage alcohol company, announced today its purchase of
Florida-based Funky Buddha Brewery, reinforcing its strategy to
lead the high-end beer segment in the United States. Funky Buddha
is the fastest growing craft brewery in Florida, and produces bold
craft beers made with high quality ingredients. It has an
award-winning portfolio led by Floridian Hefeweizen and Hop Gun
IPA. Funky Buddha joins Constellation’s Craft & Specialty Beer
Group in the beer division.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/3f69f036-65a3-427c-89a4-1e46e59a89ff
Funky Buddha Lounge & Brewery was founded in 2010 in Boca
Raton, Florida, by husband and wife Ryan and Giani Sentz. As the
demand for Funky Buddha’s beers skyrocketed, Ryan and Giani invited
Ryan's brother KC Sentz, and his wife Melissa Sentz, to join the
business. In 2013, the Sentz family started Funky Buddha Brewery,
located in the heart of Oakland Park’s burgeoning Culinary Arts
District. At 54,000 sq ft and with a capacity of 45,000 BBLs, Funky
Buddha Brewery is South Florida’s largest craft microbrewery by
size and volume, and is Florida’s busiest tap room by beer
sales.
“We chose to partner with Constellation because we saw an
alignment in vision and felt they gave us the greatest opportunity
for growth and development,” said Funky Buddha Head Brewer and
President Ryan Sentz. “Constellation and Funky Buddha share a lot
of the same ideals and passion for philanthropy, entrepreneurship
and the art of craft beer. At the end of the day, we just really
like the people we have met within the organization, each of whom
share our dedication to making outstanding beer.”
2016 was a breakout year for Funky Buddha Brewery, receiving
five gold medals in RateBeer's Best Awards. When it came to the
Best Beers by Style, they dominated the Imperial Porter category
with three gold medals for Morning Wood, Wide Awake It’s Morning,
and Last Buffalo in the Park. Maple Bacon Coffee Porter and Last
Snow Coconut Coffee Porter both received gold medals in the Best
Beers by Style Porter category. Maple Bacon Coffee Porter also was
a Winner of the World Beer Cup 2016 Gold Medal in the Specialty
Beer category. And as the engine behind these high-quality beers,
the Funky Buddha team was recognized by placing in the Top 100
Brewers category.
“Adding a fantastic regional brand such as Funky Buddha to our
craft beer portfolio, along with Ballast Point, advances our
strategy in continuing to lead the high-end beer segment,” said
Paul Hetterich, executive vice president and president of the beer
division at Constellation Brands. “The Sentz family has created a
culture of bold creativity, innovation and entrepreneurship. Those
qualities, combined with our beer division’s market reach,
distributor partnerships, consumer insights, and our craft
expertise within Ballast Point, will help nurture and develop Funky
Buddha’s distinctive brand.”
Constellation Brands and Funky Buddha Brewery’s team of
employees will continue to work together, with Ryan and KC Sentz
running the day-to-day operations. Funky Buddha’s standard of
brewing will remain unchanged, delivering the same culinary-style,
creative beer consumers and craft beer enthusiasts celebrate
today.
Terms of the transaction were not disclosed.
About Constellation BrandsConstellation Brands
(NYSE:STZ) (NYSE:STZ.B), a Fortune 500® company, is a leading
international producer and marketer of beer, wine and spirits with
operations in the U.S., Mexico, New Zealand, Italy and Canada.
Constellation is the No. 3 beer company in the U.S. with high-end,
iconic imported brands such as Corona Extra, Corona Light, Modelo
Especial, Modelo Negra and Pacifico. The company’s beer portfolio
also includes Ballast Point, one of the most awarded craft brewers
in the U.S. In addition, Constellation is the world leader in
premium wine, selling great brands that people love, including
Robert Mondavi, Clos du Bois, Kim Crawford, Meiomi, Mark West,
Franciscan Estate, Ruffino and The Prisoner. The company’s premium
spirits brands include SVEDKA Vodka, Casa Noble Tequila and High
West Whiskey.
Based in Victor, N.Y., the company believes that industry
leadership involves a commitment to brand building, our trade
partners, the environment, our investors and to consumers around
the world who choose our products when celebrating big moments or
enjoying quiet ones. Founded in 1945, Constellation has grown to
become a significant player in the beverage alcohol industry with
more than 100 brands in its portfolio, about 40 wineries, breweries
and distilleries, and approximately 9,000 talented employees. We
express our company vision: to elevate life with every glass
raised. To learn more, visit www.cbrands.com.
About Funky BuddhaFounded in 2010 in Boca
Raton, Florida, Funky Buddha Brewery® is committed to producing
bold craft beers that marry culinary-inspired ingredients with
time-honored technique. Its lineup includes year-round brews
Floridian Hefeweizen and Hop Gun IPA, along with specialty releases
such as Last Snow and the highly sought after Maple Bacon Coffee
Porter. Its Oakland Park production brewery opened in June 2013 and
distributes draught and bottled beer to retail outlets throughout
Florida.
Forward-Looking Statements This news release
contains forward-looking statements. The word “expect” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. Those statements may relate to Constellation
Brands’ business strategy, future operations, prospects, plans and
objectives of management, as well as information concerning
expected actions of third parties. All forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those set forth in or implied by the
forward-looking statements. All forward-looking statements speak
only as of the date of this news release. Constellation Brands
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
In addition to risks associated with ordinary business
operations, the forward-looking statements contained in this news
release are subject to other risks and uncertainties disclosed from
time to time in Constellation Brands, Inc.’s filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended Feb. 28, 2017, which could
cause actual future performance to differ from current
expectations.
The photo is also available at Newscom,
www.newscom.com, and via AP PhotoExpress.
CONTACTS
Constellation Brands
Amy Martin
585-678-7141 / amy.martin@cbrands.com
Jamie Stein
312-873-9317 / jamie.stein@cbrands.com
Funky Buddha
John Linn
954-440-0046 / john@funkybuddhabrewery.com
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