Home brewers who simply want to concoct a great-tasting beer for friends and family now have a reason to aim higher. A billion reasons, actually.
San Diego's Ballast Point, a craft brewery that got its start in the back of a home-brew supply store in 1992, is being bought by alcoholic beverage conglomerate Constellation Brands Inc. The price: $1 billion.
Those aren't beer goggles you're wearing. That staggering amount reflects the frothy market for craft brews, which are steadily outpacing growth of the beer industry as a whole as consumers develop a taste for bold and bitter suds.
“It's hard to digest,” Bart Watson, chief economist for the national Brewers...