Just one month after filing plans to go public with the Securities and Exchange Commission (SEC), San Diego-based Ballast Point Brewing & Spirit is being acquired.

Today, Victor, N.Y.-based Constellation Brands has announced that it has agreed to purchase Ballast Point for approximately $1 billion. According to a press release, the acquisition will be financed with a combination of cash and debt and “Ballast Point will continue to operate as a stand-alone company with its existing management team and employees running the day-to-day operations.”

“We started this business nearly 20 years ago with a vision to produce great beer that consumers love and to do it the right way,” said Jack White, founder of Ballast Point, in a press release. “To achieve that vision, we needed to find the right partner. The team at Constellation shares our values, entrepreneurial spirit and passion for beer, and has a proven track record of helping successful premium brands reach the next level of growth and scale.”

Constellation Brands is the third largest beer company in the U.S., owning the American rights to the Corona and Modelo brands. It is also a major player in the wine industry with the Robert Mondavi, Clos du Bois and Kim Crawford brands among others. In addition, the company’s spirits brands include both SVEDKA Vodka and Black Velvet Canadian Whisky.

“We believe in the vision that Jack and his team have created and we’re excited to welcome Ballast Point, one of the most respected craft brewers in the country, to the Constellation Brands family,” said Rob Sands, Constellation Brands chief executive officer, in a press release. “Along with imports, craft beer is a key driver of growth and premiumization within the beer industry, with craft doubling its share of the U.S. beer market in the last five years. Ballast Point has certainly been a key driver of that growth.”

Founded in 1996, Ballast Point is expected to more than double its annual output in 2015 to almost 4 milling cases of beer with sales at approximately $115 million dollars over that same period. The brewery now employs over 500 people and distributes its beer in over 30 states.

It was ranked as the 31st largest craft brewery by the Brewers Association last year.

According to the press release, the acquisition is scheduled to be completed by the end of the year.