MGPI - MGP Ingredients to acquire Penelope Bourbon and assets

2023-05-08 09:20:12 ET

• MGP Ingredients ( NASDAQ: MGPI ) to acquire 100% of the equity of Penelope Bourbon and its related assets.
• The acquisition includes all intellectual property and inventory of bottled product, as well as Penelope’s aging whiskey inventory on a debt-and-cash-free basis.
• The upfront consideration is $105M in cash to be paid at closing, with further potential earn-out contingent consideration of up to a maximum cash payout of $110.8M measured through December 31, 2025.
• The acquisition is expected to be financed using MGP’s existing revolving credit facility and cash on hand.
• Anticipated total cost synergies of ~$5M by December 31, 2025.
• Transaction is anticipated to close in June 2023.

For further details see: