Constellation Brands (NYSE:STZ)
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6 Months : From Oct 2019 to Apr 2020
By Kimberly Chin
Kings & Convicts Brewing Co. has agreed to buy Ballast Point Brewing Co. from Constellation Brands Inc. (STZ) for an undisclosed sum.
The closely held brewer said the deal includes a number of Ballast Point's production facilities and brewpubs in California and its latest brewpub in Chicago's Fulton Market district. The transaction excludes the production brewery in Daleville, Va., which will remain with Constellation.
The company said it will keep Ballast Point's existing workforce of about 560 employees.
Kings & Convicts, which produces eponymous ales and lagers, can be found at its taproom in Highwood, Ill., where it is headquartered, and in bars and restaurants across the Chicago area and Wisconsin. Meanwhile, Ballast Point is available in all 50 states as well as in 19 countries. Kings & Convicts said it has plans to hire a sales and marketing workforce to "support long-term growth in all 50 states."
Kings & Convicts was co-founded in 2017 by Chris Bradley and Brendan Watters and is backed by a small group of investors.
Constellation Brands acquired the California craft brewer Ballast Point for $1 billion in 2015.
Write to Kimberly Chin at email@example.com
(END) Dow Jones Newswires
December 03, 2019 17:25 ET (22:25 GMT)
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