The Wine Group’s Mahoney Partnered With Kings & Convicts To Acquire Ballast PointDecember 5, 2019
On Tuesday, news broke that Constellation Brands has agreed to sell craft brewer Ballast Point to the Chicagoland brewery Kings & Convicts for an undisclosed sum. Yesterday, reports from the Chicago Tribune shed light on just how the Second City craft brewery raised the money to purchase Ballast Point, which Constellation acquired for roughly $1 billion in 2015.
According to the Tribune, Richard Mahoney, chairman of The Wine Group, provided the capital to purchase Ballast Point, in turn becoming the largest investor in Kings & Convicts. Mahoney and Kings & Convicts co-founder Brendan Watters have a business history together, with Mahoney investing in previous Watters ventures. Though the purchase price has not been disclosed, Credit Suisse said in a note that it believed Ballast Point was sold for below $100 million.—Shane EnglishSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.