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Monday, June 19, 2023

MGP to Acquire Penelope Bourbon LLC for $100+ Million... Making Us All Angry We Don't Have Our Own Bourbon Brand to Sell

MGP has continued their buying spree with the acquisition of Penelope Bourbon LLC for a jaw dropping $105 million dollars (up to a maximum cash payout of $110.8 million measured through December 31, 2025 if certain performance conditions are met). For those unaware (including myself), Penelope Bourbon LLC was founded in 2018 and was family and founder-owned and operated.

David Colo, president and CEO of MGP Ingredients says:
We are excited to welcome Penelope as part of our expanding premium-plus brand portfolio. This acquisition 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. We are enthusiastic about this acquisition and its ability to further our participation in the growing American Whiskey category while delivering meaningful long-term growth.
My Take

Absolutely amazing that I don't have a bourbon company of my own to sell for obscene amounts of money. I've only written one article about Penelope in the entire time I've had the blog so for them to be able to fetch $105 million is impressive. I've never had Penelope but selling to MGP should open up their distribution network to get it in more places. Alas, if anyone wants to buy this site for upwards of $100 million, hit me up on the contact link on the front page. 

What do you think? Drop a note in the comment box below. 

Source: MGP

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