Constellation Brands Ends Its Ballast Point Misadventure
Constellation Brands (NYSE: STZ) is waving goodbye to Ballast Point, four years after it acquired the brand. The Corona-distributor is selling the craft brewer to Kings & Convicts, a privately-held Illinois brewery founded in 2017. The price was not disclosed, but it is certainly less than the $1 billion Constellation paid for the brand in 2015.
Ballast Point struggled in Constellation's hands after it took the label national. The company twice wrote down the value of the brand, by $87 million in 2017 and $108 million earlier this year. And this spring, it revealed it was shuttering two Ballast Point facilities and abandoning plans for a brewpub in Southern California.
Image source: Ballast Point.
Source Fool.com
