Constellation Brands has added to its craft beer portfolio with the acquisition of Dallas-based Four Corners Brewing.
The Texas brand will join California’s Ballast Point Brewing and Florida’s Funky Buddha Brewery within Constellation’s craft and speciality beer group.
Founded in 2012 by friends George Esquivel, Greg Leftwich and Steve Porcari, Four Corners set out to create a Dallas brewery that would revitalise the city’s neighbourhoods.
Constellation said the brewery produces “an entire portfolio of authentic, delicious and sessionable beers” with flagship brands including Local Buzz Honey-Rye Golden Ale and El Chingón IPA.
Sales have grown fivefold since 2014, and the brewery expanded capacity from 8,000 barrels in 2016 to 25,000 barrels in 2017.
Upon completion of the transaction, the existing management team made up of Esquivel, Leftwich and Porcari, along with their current employees, will continue brewing the same beers.
Co-founder George Esquivel said: “We like to say that Four Corners Brewing is our collective beer journey, and partnering with Constellation continues that journey by opening amazing possibilities of where our brand and company can go.
“We’re proud Texas brewers, and we’ve always had intent of sharing our brews and our story with as many people as possible. We know Constellation Brands is the right partner to help us do that.”
Constellation Brands praised Four Corners’ portfolio of “authentic, delicious and sessionable beers”.
Constellation Brands COO Bill Newlands added: “Four Corners brings a culture that mixes adventure and innovation with elements of heritage and tradition.
“It’s a compelling opportunity for Constellation because Four Corners’ bicultural inspired flavors and branding capitalise on one of the hottest trends in beer – Hispanic influenced products.
“George, Greg and Steve have created beers that are big on flavour, refreshing and pair well with bold Texas cuisine, while creating a brand that embraces and reflects the diversity of its people. We’re excited to help them take the brand further.”
Constellation Brands, which is the US distributor of Corona and Modelo beer, saw its first-quarter net sales rise 6% last month to $2.05 billion.
In its beer portfolio, volume increased by 8.6% and net sales increased by 11%. The Modelo and Corona brand families drove strong portfolio performance and market share gains with depletion growth of approximately 9%.
The beer business continues to target high-single digit volume growth and 9-11% net sales and operating income growth for fiscal 2019.