The keg is tapped: Ballast Point officially withdraws IPO after $1 billion acquisition

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. It had planned to list on the Nasdaq under the symbol PINT. Goldman Sachs and Morgan Stanley were set to be the joint bookrunners on the deal.