Rabobank is pleased to announce that on March 2, 2020 it provided an acquisition financing package in support of Kings & Convicts Holding Co, LLC’s (“Kings and Convicts”) acquisition of Ballast Point Brewing Co. (“Ballast Point”) from Constellation Brands.
Constellation Brands’ sale of Ballast Point to an investor group organized by craft-brew upstart Kings & Convicts came as a surprise to industry players when it was announced in December 2019 as Constellation had acquired the brand just five years earlier. While the financing provided certain challenges given Kings and Convicts relatively small size and limited operating history, Rabobank was successfully able to lean on its industry know-how as well as its relationships within the beverage sector to structure a financing package that ultimately allowed Kings & Convicts to close on the acquisition.
Jon Castaldo, the lead banker on the Deal from Rabobank said “We are proud to be a part of this transaction and honored to support a truly inspirational and passionate entrepreneur in his quest to return an iconic brand to its independent status.”
Brendan Watters, CEO of Kings and Convicts said “Kings & Convicts appreciated the speed in which Rabobank responded to our financing needs on this deal. Their team was quick to understand the underlying financials and worked with us to pull together a package that made sense. We look forward to building a long term relationship with Rabobank.”
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 40 countries worldwide. Founded over a century ago, Rabobank today is one of the world’s largest banks with over $640 billion in assets. In the Americas, Rabobank is a premier bank to the food, agribusiness and beverage industry, providing sector expertise, strategic counsel and tailored financial solutions to clients across the entire food value chain. Additional information is available on our website or on our social media platforms, including Twitter and LinkedIn
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