MGP Ingredients, Inc. (Nasdaq: MGPI), a
leading provider of distilled spirits, branded spirits, and food
ingredient solutions, announced today that David Colo will retire
from his role as Chief Executive Officer and President of MGP,
effective December 31, 2023. The Board of Directors has elected
David Bratcher, MGP’s Chief Operating Officer and President of
Branded Spirits, as its next Chief Executive Officer and President,
effective January 1, 2024. Mr. Colo will remain with MGP through
April 2024, serving in an advisory role to facilitate a smooth
transition.
Mr. Colo will also resign from the Board of
Directors effective December 31, 2023, and the Board has nominated
Mr. Bratcher for election as a Class B director effective January
1, 2024, subject to preferred stockholder approval.
Colo and Bratcher have worked closely together
for more than two years since the successful merger and integration
of MGP with branded spirits company Luxco, Inc. Since becoming the
CEO and President of MGP in May 2020, Colo has led the Company
through consistent growth and record results, while also
establishing a strong foundation for future sustainable growth.
Bratcher’s appointment is a reflection of the Company’s deliberate
succession planning.
Bratcher is a longtime beverage alcohol industry
veteran and executive. He joined MGP following the Company’s April
2021 merger with Luxco, Inc. and since then has served as COO and
President of Branded Spirits, roles in which he has worked hand in
hand with Colo and the rest of the MGP management team to manage
the overall MGP business, as well as directly overseeing the
Company’s extensive and award-winning branded spirits portfolio.
Prior to the 2021 Luxco merger, Bratcher served in several
leadership roles at Luxco since 1998, including serving as Luxco’s
President since 2013. Before joining Luxco, Bratcher served in
financial and operational roles for a number of consumer product
companies, including international spirits company Allied Domecq,
the second-largest spirits company in the world at the time.
“It has been a privilege to work with the Board
of MGP and a talented and passionate group of employees throughout
the Company, altogether who have achieved significant results in a
number of areas the past few years,” said David Colo, president and
CEO of MGP Ingredients. “I have worked closely with David Bratcher
during the past couple of years and we are fortunate to have such a
talented and capable leader to be the next CEO of MGP.”
Karen Seaberg, Chairman of the Board of MGP,
expressed thanks for Colo’s leadership. “On behalf of the Board of
Directors, our employees, and MGP’s stockholders, I express my deep
gratitude to David for his success in leading the Company as well
as for his service as an MGP Board member since 2015.”
“As we prepared for Colo’s retirement, the Board
unanimously agreed that David Bratcher was well suited to lead
MGP,” continued Seaberg. “Our deliberate succession planning
process has enabled us to ensure a seamless transition. The Board
is confident that David’s leadership will positively impact our
employees, customers, and stockholders into the future.”
“The time I have spent with David over the last
couple of years has been an invaluable experience for me. What
David, the MGP Board, and all the employees have accomplished
during his tenure is nothing short of impressive,” said David
Bratcher. “I am extremely grateful to become MGP’s next CEO and
look forward to working with the MGP Board and all our employees in
challenging ourselves to continue moving the business forward.”
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 Penelope Bourbon, 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.
For More InformationInvestors &
Analysts:Mike Houston646-475-2998 or
investor.relations@mgpingredients.com
Media:Greg Manis913-360-5440 or
greg.manis@mgpingredients.com
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