Ballast Point, the San Diego craft brewery founded in the 1990s whose beers are now sold in 30 states, is being acquired for roughly $1 billion by beverage conglomerate Constellation Brands.
New York-based Constellation announced the deal Monday, citing Ballast Point's 80 percent annual growth over the last two years.
The brewery known for its Sculpin IPA will remain headquartered in San Diego, where it has about 500 employees. Ballast Point is on pace to sell nearly 4 million cases in calendar 2015.
Constellation has more than 100 brands in its portfolio, including Swedish vodka Svedka, California's Robert Mondavi wines and Mexico's Corona, Modelo, Pacifico and Victoria beers.