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 centered 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 stream profile, and administration expects EPS to be low to medium accretive within the first full 12 months after closing. excluding one-time transaction charges.
“By including a extremely revered firm and its staff to our group, we’re properly positioned to boost our price 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 look ahead to rising our mixed enterprise. Our new group will likely 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 embody bourbon and rye whiskeys, gins and vodkas, that are rigorously crafted via 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 bunch of practical, dietary and sensory advantages for a variety of meals merchandise. MGP can be a number one producer of top of the range industrial alcohol to be used in meals and non-food functions. The corporate is headquartered in Atchison, Kansas, the place it produces premium distilled spirits and meals substances. 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 likely one of the essential producers, suppliers, importers and bottlers of alcoholic drinks. Our mission is to satisfy the wants and exceed the expectations of shoppers, associates and enterprise companions. Lux Row Distillers brings the household heritage to the guts of Bourbon Nation in Bardstown, Kentucky and is now residence 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 progressive and high-quality manufacturers additionally contains 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-Trying Statements
This press launch comprises forward-looking statements in addition to historic info. All statements, apart from statements of historic truth, included on this press launch concerning the outlook for our business and our outlook, plans, monetary situation, enterprise technique, recommendation on adjustments in working revenue, gross sales, margin gross revenue and the longer term efficient tax charge could represent forward-looking statements. As well as, forward-looking statements are typically recognized by or are related to phrases resembling “intend”, “plan”, “consider”, “estimate”, “anticipate”, “anticipate”, “hope”, “Ought to”, “Could”, “will”, “might”, “inspired”, “alternatives”, “potential” and / or the disadvantages or variations of those phrases or related terminology. Ahead-looking statements contained on this doc embody, however are usually not 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 referring to 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 resembling “intend”, “plan”, “consider”, “estimate”, “anticipate”, “anticipate”, “hope”, “ought to” , “Could”, “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 concerning the future financial situation, business circumstances, firm efficiency, monetary outcomes and the monetary situation of the corporate and are usually not 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 elements that would trigger precise outcomes to vary materially from our expectations embody, amongst others: (i) the satisfaction of the closing circumstances of the transaction to amass Luxco on time or by no means; (ii) the failure to acquire the required regulatory approvals associated to the acquisition of Luxco; (iii) the power to comprehend the anticipated advantages of the Luxco acquisition; (iv) the power to efficiently combine companies; (v) the interruption of the acquisition of Luxco making it tougher to keep up 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 elements that would trigger outcomes to vary materially embody, however are usually not restricted to, (i) operational disruptions at our Atchison plant, our Indiana plant or any Luxco facility, (ii ) the provision and price of grain and flour, and fluctuations in power 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 adverse results on operations and our system of inside controls associated to the lack of key administration personnel, (vi) the aggressive setting and related market circumstances, (vii) the impression of the COVID-19 pandemic, (viii) the power to successfully move uncooked materials worth will increase on to prospects, (ix) our means to keep up compliance with all clauses of p agreements relevant, (x) our means to realize operational efficiencies, (xi) authorities actions, and (xii) client 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. Threat elements in our annual report on Type 10-Ok for the 12 months ended December 31, 2020.
For extra info
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