MGP Elements completes the acquisition of Luxco Nasdaq: MGPI
ATCHISON, Kan., April 01, 2021 (GLOBE NEWSWIRE) – MGP Elements, Inc. (Nasdaq: MGPI), a number one provider of premium distilled spirits and specialty wheat protein and starches, accomplished its beforehand introduced acquisition of Luxco, Inc. and its associates (“Luxco”) efficient April 1, 2021.
This acquisition is the most recent transfer in MGP’s long-term technique targeted on shifting to increased value-added merchandise and considerably diversifies the enterprise. The transaction is additional anticipated to enhance MGP’s gross margin and money circulation profile, and administration expects EPS to be low to medium accretive within the first full yr after closing. excluding one-time transaction charges.
“By including a extremely revered firm and its crew to our group, we’re properly positioned to boost our worth proposition and execute our long-term development technique,” stated David Colo, President and CEO of MGP Elements , Inc. “We welcome Donn and his household to MGP’s shareholder base and sit up for rising our mixed enterprise. Our new group will probably be stronger collectively as we optimize our operational capabilities and leverage this extra platform for sustainable development. “
About MGP Elements, Inc.
Based in 1941, MGP (Nasdaq: MGPI) is a number one provider of premium distilled spirits and specialty wheat protein and starches. Distilled spirits embrace bourbon and rye whiskeys, gins and vodkas, that are fastidiously crafted by a mixture of artwork and science backed by an extended historical past of expertise. The corporate’s proteins and starches are created equally and supply a number of purposeful, dietary and sensory advantages for a variety of meals merchandise. MGP can also be a number one producer of top of the range industrial alcohol to be used in meals and non-food purposes. The corporate is headquartered in Atchison, Kansas, the place it produces premium distilled spirits and meals components. The corporate additionally produces premium distilled spirits in Washington, DC, and at its historic Lawrenceburg, Indiana Distillery. For extra info, go to mgpingredients.com.
Based in Saint-Louis in 1958 by the Lux household, Luxco is without doubt one of the primary producers, suppliers, importers and bottlers of alcoholic drinks. Our mission is to satisfy the wants and exceed the expectations of customers, associates and enterprise companions. Lux Row Distillers brings the household heritage to the center of Bourbon Nation in Bardstown, Kentucky and is now dwelling to Luxco’s bourbon portfolio together with Ezra Brooks, Insurgent, Blood Oath, David Nicholson and Daviess County. Luxco has additionally constructed a distillery within the highlands of Jalisco, Mexico – Destiladora González Luxco – the place the 100% agave tequilas of the corporate, El Mayor and Exotico are produced. Luxco’s portfolio of modern and high-quality manufacturers additionally consists of Everclear Grain Alcohol, Pearl Vodka, Saint Brendan’s Irish Cream, The Quiet Man Irish Whiskey and different well-known manufacturers. For extra details about the corporate and its manufacturers, go to www.luxco.com.
Warning Relating to Ahead-Wanting Statements
This press launch incorporates forward-looking statements in addition to historic info. All statements, aside from statements of historic truth, included on this press launch concerning the outlook for our trade and our outlook, plans, monetary situation, enterprise technique, recommendation on adjustments in working revenue, gross sales, margin gross earnings and the longer term efficient tax fee could represent forward-looking statements. As well as, forward-looking statements are typically recognized by or are related to phrases similar to “intend”, “plan”, “imagine”, “estimate”, “count on”, “anticipate”, “hope”, “Ought to”, “Might”, “will”, “might”, “inspired”, “alternatives”, “potential” and / or the disadvantages or variations of those phrases or related terminology. Ahead-looking statements contained on this doc embrace, however will not be restricted to, statements concerning the anticipated results on MGP Elements, Inc. (“the Firm”) of the proposed acquisition of Luxco, Inc. and its associates. (“Luxco”), the anticipated timing and preconditions regarding the proposed acquisition of Luxco, anticipated earnings enhancements, synergies and different strategic choices. Ahead-looking statements are typically recognized by or are related to phrases similar to “intend”, “plan”, “imagine”, “estimate”, “count on”, “anticipate”, “hope”, “ought to” , “Might”, “will”, “might”, “inspired”, “alternatives”, “potential” and / or the disadvantages or variations of those phrases or related terminology.
These forward-looking statements replicate the present beliefs and estimates of administration in regards to the future financial situation, trade situations, firm efficiency, monetary outcomes and the monetary situation of the corporate and will not be ensures of future efficiency. All of those forward-looking statements are topic to sure dangers and uncertainties which might trigger precise outcomes to vary materially from these contemplated by the related forward-looking statements. Vital components that might trigger precise outcomes to vary materially from our expectations embrace, amongst others: (i) the satisfaction of the closing situations of the transaction to accumulate Luxco on time or in no way; (ii) the failure to acquire the required regulatory approvals associated to the acquisition of Luxco; (iii) the power to understand the anticipated advantages of the Luxco acquisition; (iv) the power to efficiently combine companies; (v) the interruption of the acquisition of Luxco making it harder to take care of business and operational relations; (vi) important transaction prices and unknown liabilities; (vii) litigation or regulatory measures associated to the proposed acquisition of Luxco, and (viii) the financing of the acquisition of Luxco. Different components that might trigger outcomes to vary materially embrace, however will not be restricted to, (i) operational disruptions at our Atchison plant, our Indiana plant or any Luxco facility, (ii ) the supply and value of grain and flour, and fluctuations in vitality prices, (iii) the effectiveness of our grain buying program in mitigating our publicity to fluctuations in commodity costs, (iv) the effectiveness or execution of our strategic plan, (v) the potential unfavourable results on operations and our system of inner controls associated to the lack of key administration personnel, (vi) the aggressive surroundings and related market situations, (vii) the influence of the COVID-19 pandemic, (viii) the power to successfully move uncooked materials worth will increase on to clients, (ix) our capability to take care of compliance with all clauses of p agreements relevant, (x) our capability to attain operational efficiencies, (xi) authorities actions, and (xii) shopper tastes and preferences. For extra info on these and different dangers and uncertainties that will have an effect on our enterprise, together with dangers particular to our Distillery Merchandise and Ingredient Options segments, see level 1A. Danger components in our annual report on Kind 10-Okay for the yr ended December 31, 2020.
For extra info
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