NEW YORK – Global law firm Reed Smith today announced that it has advised MGP Ingredients, Inc., a leading provider of distilled spirits, branded spirits, and food ingredient solutions, on the entry by MGP’s Luxco, Inc. subsidiary into an agreement to acquire Penelope Bourbon, LLC. MGP will acquire 100% of the equity in Penelope Bourbon LLC and its related assets in a transaction valued at up to $215.8 million, consisting of an upfront cash payment of $105 million and a potential earnout of up to $110.8 million based on the achievement of certain milestones through December 31, 2025. The transaction is expected to close in June 2023.
Homemade barrels in the wine cellar

Founded in 2018, Penelope Bourbon is a high-growth, family and founder-owned and operated premium-plus American Whiskey company with a diverse portfolio of high-quality whiskeys.

MGP was advised by a cross office and multi-practice Reed Smith team led by New York corporate partner Gerard DiFiore and associates Terrence Fairfield, Emerson Bianchi, and Luke Meyerson. The wider team included New York corporate partners Angelo Ciavarella and Ian Sherwin; Dallas beverage alcohol regulatory partner Lawrence Waks; New York environmental law partner Peter Trimarchi; Princeton finance partner Jonathan Stark; Chicago insurance recovery partner Thomas Marrinson; Philadelphia corporate partner Susan Nieto; Pittsburgh antitrust partner William Sheridan, New York corporate counsel Frank Wei; New York entertainment and media counsel Meredith Pikser; Princeton labor and employment counsel Saranne Weimer; New York corporate associates, Justin Hunter and Batool Banker; Princeton finance associate Brooke Weese; and Pittsburgh antitrust associate Leah Hungerman.

Additional details pertaining to this transaction can be found in