By Ed Barrena
November 19, 2015 (San Diego)--One of San Diego’s most beloved and famous brewers has been sold. Perhaps Dr. Evil from Austin Powers could say it best, but the price was a staggering $1 Billion. Ballast Point Brewing and Spirits, famous for its Sculpin India Pale Ale has been sold to Constellation Brands, which primarily distributes import beers from Mexico such as Corona, Modelo Especial, and Pacifico.
The move comes as a shock to the San Diego craft beer industry, with some commenters accusing the brewery of “selling out.” Many craft beer enthusiasts were looking forward to an upcoming initial public offering on the market, in which investors could purchase stock in the brewer. That IPO however will no longer be happening, according to the San Diego Union-Tribune.
Ballast Point will likely reach a new much broader audience around the nation and perhaps the world with such a large corporation taking over. An acquisition of this magnitude is certainly unprecedented in the craft beer industry.
Local brewers may indeed have a bright future ahead with such a major focus spotlighting the local beer industry.