The menu for craft breweries raising capital and looking for investor liquidity now includes another viable alternative – public offerings. With the filing of public offering documents by Ballast Point Brewing & Spirits and the positive reception it received, those watching the industry should be on notice that more craft beer IPOs are on the horizon. With the latest announcement of its impending sale to Constellation Brands for about $1 billion (thus abandoning its IPO), Ballast Point's transaction further illustrates that an IPO process can be pursued on a “dual-track” with a private acquisition and this strategy can be effective to increase the company's valuation.

Originally published in the Orange County Business Journal, November 23-29, 2015.