MGP Ingredients, Inc. (Nasdaq: MGPI), a
leading provider of distilled spirits, branded spirits, and food
ingredient solutions, today announced that its Luxco, Inc.
subsidiary has completed its previously announced acquisition of
Penelope Bourbon LLC.
The completed acquisition welcomes Penelope’s
team into the MGP family, bringing innovation capabilities and deep
expertise in high-quality whiskeys. It also extends MGP’s portfolio
of premium-plus price tier brands and is expected to be immediately
accretive to its Branded Spirits segment gross margin and
consolidated earnings per share.
“The acquisition of Penelope Bourbon represents
an exciting chapter in our long-term strategy and expands the
number of premium-plus price tier brands in our portfolio,” said
David Colo, President and CEO of MGP Ingredients, Inc. “Penelope
has been a valued and growing customer, and we look forward to
integrating Penelope’s passionate team into the MGP family.”
“Our mission for Penelope was to create a spirit
that embodied the daily joy of celebrating life’s pleasures,” said
Michael Paladini, CEO & Founder of Penelope. “As part of MGP,
we will be uniquely positioned to expand the reach of our brand
with consumers. We could not be more excited for what’s to come,”
said Daniel Polise, COO & Founder of Penelope.
About Penelope Bourbon
Founded in 2018, Penelope Bourbon has been one
of the country’s fastest-growing whiskey brands. Named after
the founder’s daughter, Penelope boasts a series of straight
bourbon whiskey expressions that are all uniquely blended from
three different mash bills. Remarkably smooth and flavorful,
Penelope is perfect whether sipping neat or mixing in a
cocktail.
Penelope’s core expressions, Four Grain, Barrel
Strength, Architect and Toasted Series, have received over 30
combined awards and industry accolades. Most recently, the brand
won Double Gold and ‘Best of Class’ at the 2022 San Francisco World
Spirits Competition and was awarded three Double Platinum Medals –
along with the title ‘Blender of the Year’ – by the ASCOT Awards
(2022).
In addition to its cornerstone expressions,
Penelope continues to introduce new and innovative limited releases
within its Cooper Series, Private Select and Founders Reserve
lines.
Today, Penelope Bourbon is sold in over 30
states and 4 countries. Proving that with enough love and care, and
hard work, anything is possible. To learn more about Penelope,
please visit penelopebourbon.com.
About MGP Ingredients, Inc.
MGP Ingredients, Inc. (Nasdaq: MGPI) is a
leading producer of premium distilled spirits, branded spirits, and
food ingredient solutions. Since 1941, we have combined our
expertise and energy aimed at formulating excellence, bringing
product ideas to life collaboratively with our customers.
As one of the largest distillers in the U.S.,
MGP’s offerings include bourbon and rye whiskeys, gins, and vodkas,
which are created at the intersection of science and imagination,
for customers of all sizes, from crafts to multinational brands.
With distilleries in Kentucky, Indiana, and Kansas, and bottling
operations in Missouri, Ohio, and Northern Ireland, MGP has the
infrastructure and expertise to create on any scale.
MGP’s branded spirits portfolio covers a wide
spectrum of brands in every segment, including iconic brands from
Luxco, which was founded in 1958 by the Lux family. Luxco is a
leading producer, supplier, importer and bottler of beverage
alcohol products. Our branded spirits mission is to meet the needs
and exceed the expectations of consumers, associates and business
partners. Luxco’s award-winning spirits portfolio includes
well-known brands from four distilleries: Bardstown, Kentucky-based
Lux Row Distillers, home of Ezra Brooks, Rebel, Blood Oath, David
Nicholson and Daviess County; Lebanon, Kentucky-based Limestone
Branch Distillery, maker of Yellowstone Kentucky Straight Bourbon
Whiskey, Minor Case Straight Rye Whiskey and Bowling & Burch
Gin; Jalisco, Mexico-based Destiladora González Lux, producer of
100% agave tequilas, El Mayor, Exotico and Dos Primos; and the
historic Ross & Squibb Distillery in Lawrenceburg, Indiana,
where the Remus Straight Bourbon Whiskey and Rossville Union
Straight Rye Whiskey are produced. The innovative and high-quality
brand portfolio also includes Everclear Grain Alcohol, Pearl Vodka,
Green Hat Gin, Saint Brendan’s Irish Cream, The Quiet Man Irish
Whiskey and other well-recognized brands.
In addition, our Ingredient Solutions segment
offers specialty proteins and starches that help customers harness
the power of plants and provide a host of functional, nutritional,
and sensory benefits for a wide range of food products.
The transformation of American grain into
something more is in the soul of our people, products, and history.
We’re devoted to unlocking the creative potential of this
extraordinary resource. For more information, visit
mgpingredients.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including without limitation, statements
about the expected effects on MGP Ingredients, Inc. (the "Company,"
or "MGP") of the Penelope acquisition as well as the ability of
Penelope to be accretive and expand its brand and customer reach.
Forward looking statements are usually identified by or are
associated with words such as “intend,” “plan,” “believe,”
“estimate,” “expect,” “anticipate,” "project," "forecast,"
“hopeful,” “should,” “may,” “will,” “could,” “encouraged,”
“opportunities,” “potential” and similar terminology. These
forward-looking statements reflect management’s current beliefs and
estimates of future economic circumstances, industry conditions,
Company performance, and Company financial results and financial
condition and are not guarantees of future performance. All
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially.
Factors that could cause actual results to differ materially from
our expectations include without limitation:
- the ability to realize the
anticipated benefits of the acquisition of Penelope,
- the ability to successfully
integrate the Penelope business,
- disruption from the acquisition of
Penelope making it more difficult to maintain business and
operational relationships,
- significant transaction costs and
unknown liabilities,
- litigation or regulatory actions
related to the Penelope acquisition,
- potential loss of key management
personnel,
- our reliance on distributors to
adequately distribute our products within their territories,
and
- risks related to acquisitions, the
competitive market in which we sell our products and related market
conditions.
For further information on these and other risks
and uncertainties that may affect our business, see the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of the Company’s
Annual Report on Form 10-K for the year ended Dec. 31, 2022 and its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2023,
as well as the Company’s other SEC filings. The Company undertakes
no obligation to update any forward-looking statements made in this
press release to reflect future events or developments, except as
required by law. Because it is not possible to predict or identify
all such factors, this list cannot be considered a complete set of
all potential risks or uncertainties.
For More Information
Investors & Analysts:Mike
Houston646-475-2998 or investor.relations@mgpingredients.com
Media:Byrne PRPatrick Barry314-540-3865 or
patrick@byrnepr.net
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