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Constellation Brands cuts losses and sells brewery it bought for $1B

In a striking reversal of course, Victor-based Constellation Brands announced Tuesday afternoon it has sold San Diego-based Ballast Point Brewing just four years after paying $1 billion for the brewery.

Constellation, the country’s third largest beer company, announced it had reached an agreement with Illinois-based Kings & Convicts Brewing Co. to purchase Ballast Point. Terms of the sale were not disclosed.

But the purchase includes Ballast Point’s numerous production facilities and six brewpubs, excluding Constellation’s craft and specialty operations in Daleville, Virginia. Five of the brewpubs are in California, while the sixth is in Chicago. The transaction is expected to become final by the end of Constellation’s fiscal year 2020, the company stated in a release.

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