MGP Ingredients toasts completion of distillery purchase
James Dornbrook Reporter – Kansas City Business Journal
MGP Ingredients Inc.
finalized its purchase of an alcohol distillery in Indiana on Wednesday.
The acquisition, first announced in October, was made through MGP subsidiary MGPI of Indiana LLC. Atchison, Kan.-based MGP (Nasdaq: MGPI) paid an estimated $11 million. The payment is subject to post-closing adjustments.
The distillery is used to produce premium-grade whiskeys, gins and grain neutral spirits. It includes alcohol fermentation and distillation operations, bulk barrel storage facilities, blending operations and a tank farm.
The deal does not include the packaging and bottling plant next to the distillery, which were acquired by an undisclosed third party unaffiliated with MGP.
Combined with MGP’s operations in Atchison, the company said it now is one of the nation’s top multi-line producers of beverage alcohol.
“The acquisition of the distillery is highly exciting and represents a truly momentous event in our company’s long history,” MGP President and CEO Tim Newkirk said in a release. “It not only broadens our role and presence in the beverage alcohol marketplace, but more importantly, it demonstrates our responsiveness to the numerous requests we have received from customers to supply them with high-quality bourbons and corn and rye whiskeys, in addition to our premium vodkas and gins.”
James reports about banking, financial services, manufacturing and sports business.
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