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Constellation's Chicago-based beer business buys Florida's Funky Buddha Brewery

Constellation Brands has acquired South Florida-based Funky Buddha Brewery, the company announced Thursday.

Funky Buddha represents the second craft brewery for Constellation's beer business, which is based in Chicago and is better known for Mexican import beers, including Corona and Modelo. In 2015, Constellation bought San Diego, Calif.-based Ballast Point for $1 billion. The terms of the Funky Buddha deal were not disclosed Thursday.

Funky Buddha, founded in 2010 and based in Oakland Park, Fla., is known for beers such as Hop Gun IPA and Floridian Hefeweizen, as well as its Maple Bacon Coffee Porter and Last Snow Coconut Coffee Porter, according to the news release.

"Adding a fantastic regional brand such as Funky Buddha to our craft beer portfolio, along with Ballast Point, advances our strategy in continuing to lead the high-end beer segment," said Paul Hetterich, president of Constellation Brands' beer division, in the news release.

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