Setting a record sum, Constellation Brands, Inc. announced Monday that they plan to buy California-based craft brewer Ballast Point Brewing & Spirits for $1 billion.

The Wall Street Journal reports that the craft beer industry has an approximate market share of 10 percent in the United States. The deal between Constellation Brands, Inc. and Ballast Point signals a shift for the industry to become a big business, that is expected to grow over time. The deal is the largest of its kind, following three other craft beer acquisitions from the likes of Anheuser-Busch InBev, MillerCoors LLC, and Heineken NV.

The tastes of beer drinkers in the U.S. has shifted. Fewer people are drinking light and low-priced beers, in favor of craft offerings. The Brewers Association expects the craft-beer industry to contribute 20 percent of the $100 billion beer market in the U.S. by 2020.

Constellation Brands, which began as a wine business in the 1940s, later expanded to growing areas in the beer industry. Constellation became the third largest brewer in the United States after obtaining the rights to Mexican beers like Corona and Modelo Especial.

Ballast Point was approached by Constellation Brands, after filing the necessary regulatory paperwork for a future public offering. Constellation Brands was drawn to the brewery by its overall growth, while maintaining a premium price, typically $2 to $3 over what competitors charge for their product.

The acquisition will allow Ballast Point to be distributed in more regions, and develop relationships with large retailers, thanks to relationships fostered by Constellation Brands.

In the first half of the year, Ballast Point doubled its sales and production. Profits per barrel sold were well above the craft beer average of $270 a barrel, selling for $357.66 each. The company had a net revenue of $51.7 million in the first half of the year alone.

Ballast Point will continue to operate independently, but will report to the management team at Constellation Brands.