MGP Ingredients completed the acquisition of Penelope Bourbon for $216m.

MGP Ingredients, a provider of distilled spirits, branded spirits, and food ingredient solutions, completed the acquisition of Penelope Bourbon, a whiskey brand, for $216m. “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,” David Colo, MGP Ingredients President and CEO.