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.
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Source: MGP