Ballast Point Ipo News Today
(Renaissance Capital's research analysts) Ballast Point Brewing & Spirits, a high-growth craft brewer based in San Diego, officially withdrew its plans for an initial public offering on Tuesday. The company had originally filed in October 2015 to raise up to $173 million.
In mid-November 2015, Ballast Point announced that it would be acquired by beverage conglomerate Constellation Brands (NYSE:STZ). The purchase price implied an 8.7x 2015 sales multiple, based on Constellation's $115 million 2015 projection.
The San Diego, CA-based company was founded in 1992 and booked $107 million in sales for the 12 months ended September 30, 2015. Goldman Sachs and Morgan Stanley were set to be the joint bookrunners on the deal.
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