CINCINNATI - Another major brewery purchase is shaking up the craft beer world.
Wine and beer seller Constellation Brands has purchased San Diego-based Ballast Point Brewing & Spirits for about $1 billion.
Ballast Point is one of the fastest-growing craft beer companies in the U.S. and includes a portfolio of more than 40 different styles of beer.
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The brewery is best known for its Sculpin IPA and Grapefruit Sculpin IPA. It opened in 1996.
Officials said the brewery will continue to operate as a stand-alone business with its existing employees.
"We started this business nearly 20 years ago with a vision to produce great beer that consumers love and to do it the right way," Jack White, founder of Ballast Point Brewing & Spirits, said via a release. "To achieve that vision, we needed to find the right partner. The team at Constellation shares our values, entrepreneurial spirit and passion for beer, and has a proven track record of helping successful premium brands reach the next level of growth and scale."
The brewery said it is on pace to sell nearly 4 million cases of beer this year. That would represent a 100 percent growth rate over its 2014 sales mark.
The company is expected to post about $115 million in net sales for 2015.
Ballast Point employs more than 500 employees, and produces beer in four facilities in the San Diego area. It sells its beer in over 30 states.
For more information on these companies and the sale, click here for Nasdaq.com.
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