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https://www.chicagotribune.com/dining/d ... story.html
Tiny suburban Chicago brewery Kings and Convicts stunned the beer industry Tuesday afternoon by announcing the acquisition of California’s legendary Ballast Point Brewing. Terms were not disclosed.
Ballast Point was famously bought for $1 billion four years ago by Constellation Brands, whose Chicago-based beer business owns the American rights to top Mexican brands that include Modelo, Corona and Pacifico. Ballast Point quickly became an albatross for Constellation, struggling to grow and adapt to its larger owners.
Industry newsletter Beer Marketer’s Insights reported that the deal was consummated for a “surprisingly low price.”
The sale was as unlikely as it is unprecedented. Kings and Convicts, which opened a small brewery and 400 square foot taproom in Highwood in 2017, is a tiny brand unknown to most Chicago beer drinkers. It will make a mere 660 barrels of beer this year.
Ballast Point is one of the nation’s most recognizable brands, on pace to make about 200,000 barrels of beer this year.