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MGP Ingredients [NASDAQ: MGPI] Announced To Acquire Luxco and Its Affiliate Companies

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MGP Ingredients [NASDAQ: MGPI] revealed a definitive contract to purchase Luxco, Inc and its affiliated companies. Luxco is an alcohol beverage company with more than 60 years of legacy in the business. The company generated $202 million of revenue accounted for a year ended on 30 Oct 2020. The transaction will aid in increasing the gross margin and cash flows of MGP.

Luxco has an extensive portfolio of attractive varieties which consist of Ezra Brooks Bourbon Whiskey, Daviess County Straight Bourbon Whiskey, Yellowstone Bourbon Whiskey, El Mayor Tequila, and Everclear. This acquisition will substantially enhance MGP’s scale and market position in the branded beverage alcohol sector. Moreover, this transaction will strengthen MGP’s platform for higher growth value-added products in the future.

Under the terms of the contract, the shareholders of Luxco will receive cash consideration of $238 Million. Moreover, they will also receive 5.0 million shares in the MGP equity valued at nearly $138 Million.

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