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MGP Ingredients, a leading provider of distilled spirits, branded spirits, and food ingredient solutions, has announced that its subsidiary Luxco has reached an agreement to purchase Penelope Bourbon and its assets.
In a press release, MGP Ingredients said the deal includes a portfolio of high-quality whiskeys in the premium plus price tiers, as well as intellectual property and inventory.
David Colo, president and CEO of MGP Ingredients, commented: “We are excited to welcome Penelope as part of our expanding premium-plus brand portfolio. This acquisition aligns well with our premiumization strategy and our focus on growing high potential, high margin brands. Penelope is an excellent addition to our Branded Spirits portfolio as we look to expand its availability throughout our national distribution platform”.
“We are enthusiastic about this acquisition and its ability to further our participation in the growing American Whiskey category while delivering meaningful long-term growth”, he added.
MGP Ingredients said it would pay $105 million in cash at closing, with a potential earn-out contingent consideration of up to $110.8 million cash payout, dependant on performance conditions, by the end of 2025. The transaction is expected to close in June 2023.
Source: MGP Ingredients
