MGP Adds To Brand Stable With Acquisition of Penelope Bourbon
May 9, 2023MGP Ingredients has acquired the Penelope Bourbon brand for $105 million through MGP subsidiary Luxco. The deal, set to close in June, includes 100% of Penelope Bourbon LLC’s equity and assets and has a potential earn-out of $110.8 million if the brand meets expectations through the end of 2025. MGP’s purchase also includes all aging inventory and Penelope’s currently bottled whiskies. The move bolsters MGP’s stable of higher-end whiskey brands and, according to CEO and president David Colo, “aligns well with our premiumization strategy and our focus on growing high potential, high margin brands. Penelope is an excellent addition to our branded spirits portfolio as we look to expand its availability throughout our national distribution platform.”
Penelope is based in New Jersey, and its whiskey is sourced from MGP. It’s currently available in 30 states across the U.S., and the brand has made a name for itself through unique cask finishes. The company has released whiskies finished in Vino de Naranja, rosé casks, and Tokaji casks, as well as a series of barrel strength whiskies. Penelope’s Tokaji-finished rye and toasted barrel strength (batch 22-01) both received 91 points from Whisky Advocate’s tasting panel.
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