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

Explore More

Related Acquisitions

Track M&A activity that matters to you

Get real-time deal alerts, build buyer lists with AI, and access our full acquisition database. Start your free trial today.