MGP Ingredients Completes Acquisition of Penelope Bourbon

Penelope further strengthens MGP’s portfolio of premium-plus American Whiskey brands;

Expected to be immediately accretive to Branded Spirits segment gross margin

ATCHISON, Kan., June 01, 2023 (GLOBE NEWSWIRE) -- 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.