MGP’s Annual Sales Rise 7%, With Branded Portfolio Reaching $250 Million

MGP Ingredients saw sales increase 7% to $837 million last year, with adjusted EBITDA rising 20% to $305 million. A strong fourth quarter helped propel the company’s full fiscal year results forward with Q4 sales up 13% to $214.9 million and gross profit up 35% to $85.1 million.

Both the company’s distilling solutions and branded spirits divisions saw considerable growth in fiscal 23. Sales for the contract business were up 5% to $450.9 million for the fiscal year due to a 14% increase in premium spirits sales, including new distillate and aged American whiskies. Meanwhile, MGP’s branded spirits portfolio grew by 7% to $253.9 million, which the company attributed to 24% growth of its premium-plus priced spirits.

“In our Branded Spirits segment, we continued our premiumization efforts and are pleased that sales of our premium plus portfolio grew 50% in the quarter and 24% overall for the year, which in turn drove further gross margin expansion across the portfolio,” said David Bratcher, CEO and president.

MGP’s branded portfolio, housed within its Luxco unit, includes labels such as Ezra Brooks, Rebel, Blood Oath, David Nicholson, Daviess County, Yellowstone Kentucky Straight Bourbon Whiskey, Penelope Bourbon, Remus Straight Bourbon Whiskey, and Rossville Union Straight Rye Whiskey, as well as El Mayor, Exotico, and Dos Primos Tequilas, among others.—Shane English

Tagged : Blood Oath, Ezra Brooks, Luxco, MGP, Penelope, Rebel

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