Last year, Constellation Brands (owners of Corona) shocked the beer world with their $1 billion purchase of San Diego’s Ballast Point Brewery. It was a massive deal that helped Constellation jump into the craft segment with one of the hottest brands at the time. Today Constellation has announced that they’ve added another highly-sought-after brewery to their portfolio: Funky Buddha.
The Florida brewery known for their unique beers such as Maple Bacon Coffee Porter and Last Snow Porter, was a favorite of craft beer geeks. This is the second sought-after brewery to sell in the recent months, with Wicked Week Brewing having recently sold to AB-Inbev.
Terms for the purchase were not yet disclosed, but we’d assume that the price was less than the $1 billion paid for Ballast Point. Here’s the full press release and details from Constellation:
Craft Brewer Funky Buddha Joins Constellation Brands; Constellation Strengthens its Position in High-End Beer
(Victor, NY) — Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, announced today its purchase of Florida-based Funky Buddha Brewery, reinforcing its strategy to lead the high-end beer segment in the United States. Funky Buddha is the fastest growing craft brewery in Florida, and produces bold craft beers made with high quality ingredients. It has an award-winning portfolio led by Floridian Hefeweizen and Hop Gun IPA. Funky Buddha joins Constellation’s Craft & Specialty Beer Group in the beer division.
Funky Buddha Lounge & Brewery was founded in 2010 in Boca Raton, Florida, by husband and wife Ryan and Giani Sentz. As the demand for Funky Buddha’s beers skyrocketed, Ryan and Giani invited Ryan’s brother KC Sentz, and his wife Melissa Sentz, to join the business. In 2013, the Sentz family started Funky Buddha Brewery, located in the heart of Oakland Park’s burgeoning Culinary Arts District. At 54,000 sq ft and with a capacity of 45,000 BBLs, Funky Buddha Brewery is South Florida’s largest craft microbrewery by size and volume, and is Florida’s busiest tap room by beer sales.
“We chose to partner with Constellation because we saw an alignment in vision and felt they gave us the greatest opportunity for growth and development,” said Funky Buddha Head Brewer and President Ryan Sentz. “Constellation and Funky Buddha share a lot of the same ideals and passion for philanthropy, entrepreneurship and the art of craft beer. At the end of the day, we just really like the people we have met within the organization, each of whom share our dedication to making outstanding beer.”
2016 was a breakout year for Funky Buddha Brewery, receiving five gold medals in RateBeer’s Best Awards. When it came to the Best Beers by Style, they dominated the Imperial Porter category with three gold medals for Morning Wood, Wide Awake It’s Morning, and Last Buffalo in the Park. Maple Bacon Coffee Porter and Last Snow Coconut Coffee Porter both received gold medals in the Best Beers by Style Porter category. Maple Bacon Coffee Porter also was a Winner of the World Beer Cup 2016 Gold Medal in the Specialty Beer category. And as the engine behind these high-quality beers, the Funky Buddha team was recognized by placing in the Top 100 Brewers category.
“Adding a fantastic regional brand such as Funky Buddha to our craft beer portfolio, along with Ballast Point, advances our strategy in continuing to lead the high-end beer segment,” said Paul Hetterich, executive vice president and president of the beer division at Constellation Brands. “The Sentz family has created a culture of bold creativity, innovation and entrepreneurship. Those qualities, combined with our beer division’s market reach, distributor partnerships, consumer insights, and our craft expertise within Ballast Point, will help nurture and develop Funky Buddha’s distinctive brand.”
Constellation Brands and Funky Buddha Brewery’s team of employees will continue to work together, with Ryan and KC Sentz running the day-to-day operations. Funky Buddha’s standard of brewing will remain unchanged, delivering the same culinary-style, creative beer consumers and craft beer enthusiasts celebrate today.
Terms of the transaction were not disclosed.