Stories
Whisky is a passion to explore. From the history of the spirit to the evolution of the industry, the story of whisky helps fuel that passion. Often, it’s easy to forget that whisky is also a global multibillion dollar industry. The stories of whisky — from news and new releases to in-depth inquires and what goes on behind the label — blend together to help us appreciate the spirit of whisky.
Penelope Bourbon Brings $105 Million Price from MGP
MGP Ingredients has acquired the Penelope Bourbon brand and its stocks of maturing whisky from founders Michael Paladini and Daniel Polise for $105 million, with a potential to raise the sale price to 100.8 million by the end of 2025 if sales meet “certain performance conditions.”
Penelope had been sourcing all of its whisky from MGP’s Ross & Squibb Distillery in Lawrenceburg, Indiana, since the brand was created in 2018. The deal is being handled through MGP’s Luxco subsidiary, which handles all of the company’s in-house brands like George Remus, Ezra Brooks, and Rossville Union.
Analysts see the move as a way for MGP to beef up its owned brands division, which has been lagging behind the company’s bulk sales business in growth.
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