Constellation Brands announced today that they have acquired the 7-year old Funky Buddha Brewery of Tampa, Fl. Terms of the deal were not disclosed.
Funky Buddha Lounge & Brewery was founded in 2010 in Boca Raton, Florida, by husband and wife Ryan and Giani Sentz. The brewery sold about 27,000 in 2016, according to data from the Brewers Association (BA) and has the footprint to expand capacity to 45,000 barrels annually. Their sales volume grew by an impressive 41% in 2016.
Constellation Brands, known for its Corona and Modelo portfolio, most recently purchased Ballast Point Brewing in San Diego in 2015 for a cool $1 billion. After that expensive acquisition, which has had marginal results so far, it was unknown if Constellation would continue their venture into the domestic craft category. Many industry veterans felt that they would not, and the Funky Buddha purchase was a surprise to many.
“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 in a press release. “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.”