SAN DIEGO -- Ballast Point, a staple in the San Diego beer scene, has been sold for the second time in four years.
The craft beer company was purchased from Constellation Brands Inc. by a small Illinois firm called Kings & Convicts Brewing Co.
Ballast Point's new owner is only a two-year-old company. According to the San Diego Union-Tribune, the microbrewery employs nine people and produces about 600 barrels of beer each year.
Though full terms of the sale have not been released, Kings & Convicts has said it will move its headquarters from the Chicago suburbs to San Diego.
The sale marks the second major shift for the craft brewery in just a few years.
"Ballast Point has shaken up the craft beer industry before. In 2015, Constellation Brands paid $1 billion for the Miramar company, still a record amount for a craft brewery," the U-T's Peter Rowe writes.
"Coming just one month after MillerCoors’ purchase of another San Diego brewery, Saint Archer, this sale upset craft beer fans who saw Ballast Point as a locally owned bulwark against the multinational brewing concerns ... This time, though, a tiny independent brewery is assuming ownership of a fading brewery that was once one of American craft beer’s rising stars."