MGP Ingredients to Acquire Penelope Bourbon
MGP Ingredients, Inc. has announced its intention to acquire Penelope Bourbon, Inc. The deal is expected to create a stronger craft spirits portfolio and expand both companies’ reach in the industry.
Overview of Penelope Bourbon
Penelope Bourbon is a small-batch distiller headquartered in Kentucky. Founded in 2011, the company produces a variety of craft bourbons, whiskeys, and ryes, each using traditional recipes. Penelope Bourbon has a growing customer base that includes many top bars and restaurants in North America.
Benefits of the Acquisition
The acquisition of Penelope Bourbon will provide numerous benefits to MGP Ingredients. First, the craft spirits company will be able to access a larger market and expand its reach. Second, the acquisition will give MGP the ability to leverage Penelope’s well-respected product lines. Finally, Penelope’s existing customer base will be able to join the MGP family.
MGP’s Goals for the Acquisition
MGP Ingredients has stated that the main goal of the acquisition is to create a stronger craft spirits portfolio and expand its reach in the industry. By combining Penelope Bourbon’s customer base and product lines with MGP’s existing portfolio, the two companies hope to create a robust offering of craft spirits.
Reflection of Industry Trends
This acquisition is indicative of the larger industry trends. Small-batch distilleries, such as Penelope Bourbon, have seen an uptick in popularity over recent years. As such, larger companies are taking advantage of this trend and seizing the opportunity to expand their reach and strengthen their positions in the industry.
The acquisition of Penelope Bourbon by MGP Ingredients is a strategic move that will benefit both companies. The acquisition is representative of larger industry trends and a testament to the growing popularity of small-batch distilleries and craft spirits. With this acquisition, MGP Ingredients will be able to access a larger market and expand its reach