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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /nas/content/live/fredminnick/wp-includes/functions.php on line 6121MGP Ingredients Announces Agreement to Acquire Luxco Inc.
MPG Ingredients Inc. announced it will acquire Luxco Inc. and its affiliated companies. The acquisition is expected to be completed by mid-2021.
MGP is a whiskey distillery and supplier of specialty wheat proteins and starches; Luxco is a branded beverage alcohol company spanning various categories. Luxco generated approximate net revenues of $202 million over the unaudited 12-month period ending Oct. 31, 2020, according to a news release.
Luxco brands that will become MGP properties include Ezra Brooks® Bourbon Whiskey, Daviess County® Straight Bourbon Whiskey, Yellowstone® Bourbon Whiskey, El Mayor® Tequila and Everclear®.
Per the agreement, Luxco shareholders will receive an aggregate cash consideration of $238 million, along with 5 million shares of MGP common stock, valued at approximately $238 million based on a 20-day volume-weighted average price as of January 11, 2021.
“Luxco presents a unique opportunity to take a material step towards realizing our long-term strategy. It significantly expands our product line in the higher-value branded-spirits sector and increases our sales and distribution capabilities across all 50 states,” said David Colo, president and CEO of MGP Ingredients, Inc. “We have enormous respect for the platform Luxco has built, and we’re excited to add its portfolio of fast-growing premium distilled spirits brands together with strong, cash-flow generating legacy brands. We welcome Donn and his family into the MGP shareholder base and look forward to growing together.”