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Rick Bayless

Constellation Brands to buy San Diego craft brewer Ballast Point for $1 billion

Constellation Brands to buy San Diego craft brewer Ballast Point for $1 billion

Constellation Brands placed a big bet on the booming craft beer market Monday, announcing an agreement to purchase San Diego-based Ballast Point Brewing and Spirits for $1 billion.

Founded by a group of home brewers in 1996, Ballast Point was the 31st largest craft brewer in the country in 2014, according to the Brewer's Association. It makes 40 styles of beer, including Sculpin IPA and Grapefruit Sculpin IPA, allowing Constellation to compete in the fast-growing craft beer segment, Constellation said.

As mainstream domestic beers have struggled in recent years, Constellation grew to become one of the nation's beer giants by selling Mexican...

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