MGP Ingredients (Luxco) Acquires Penelope Bourbon
May 8, 2023
MGP Ingredients, through its Luxco subsidiary, agreed to acquire 100% of Penelope Bourbon LLC for $105.0 million in cash at closing plus potential earn-outs of up to $110.8 million through 2025. The deal includes all intellectual property, bottled inventory and aging whiskey inventory, and is expected to close in June 2023; MGP will finance the purchase with its revolving credit facility and cash on hand to expand its premium American whiskey portfolio and broaden distribution.
- Buyers
- MGP Ingredients, Inc., Luxco, Inc. (subsidiary of MGP Ingredients)
- Targets
- Penelope Bourbon LLC
- Sellers
- Penelope Bourbon founders (Michael Paladini and Daniel Polise)
- Industry
- Food & Beverage
- Location
- New Jersey, United States
- Transaction Type
- Buyout
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