News Briefs for February 28, 2022February 28, 2022
•Midleton Very Rare 2022, Royal Salute House Of Quinn, and newcomers from Evan Williams and Glendalough are among the offerings featured in Whisky Advocate’s latest weekly roundup. The magazine’s website has all the details.
•MGP Ingredients saw sales grow by 58.5% to $626.7 million for fiscal year 2021. Within MGP’s distillery products segment, sales were up 12.5% to $352.5 million, which the company attributed to strong growth of aged whiskies along with increased sales for new distillate. Gross profit for distillery products was at $114.1 million for the year. For MGP’s branded business (which includes Luxco), sales were at $183.6 million for the year, with gross profit at $62.6 million. “Our impressive gross profit results highlight the long-term value of our aging whiskey inventory and is augmented by our ability to create new relationships and develop partnerships with existing customers,” said David Colo, president and CEO.
•Upscale Tequila brand Montagave has launched in select U.S. markets. Produced by fourth generation family-run distillery Tequila Cascahuín, Montagave’s inaugural release, Montagave Blanco Héritage, rested for 29 days in red wine barrels from Bordeaux, and was bottled at 41% abv. It retails at $75 a 750-ml. and is debuting in Colorado, New York, and California, with additional markets slated for later this year.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.