MGP Ingredients Announces $100 Million Share Repurchase Program

ATCHISON, Kan., Feb. 29, 2024 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq: MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today announced that its board of directors has approved the repurchase of up to $100.0 million of the Company’s outstanding shares of common stock.

“Following another record year and strong results from each of our three business segments in 2023, we are well positioned to implement this additional pillar of shareholder return while maintaining a strong balance sheet to enable additional growth opportunities,” said David Bratcher, CEO and president of MGP Ingredients. “Today’s announcement reflects our continued confidence in our strategy, the sustainable strength of our business, and our ability to generate strong, long-term cash flows.”

The Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions, or by other means, in accordance with applicable securities laws and other legal requirements. The timing and amount of any shares repurchased will depend upon market conditions and other factors. The authorization has no expiration date and may be modified, suspended, or discontinued at any time.

About MGP Ingredients, Inc.
MGP Ingredients, Inc. (Nasdaq: MGPI) is a leading producer of premium distilled spirits, branded spirits, and food ingredient solutions. Since 1941, we have combined our expertise and energy aimed at formulating excellence, bringing product ideas to life collaboratively with our customers.

As one of the largest distillers in the U.S., MGP’s offerings include bourbon and rye whiskeys, gins, and vodkas, which are created at the intersection of science and imagination, for customers of all sizes, from crafts to multinational brands. With distilleries in Kentucky, Indiana, and Kansas, and bottling operations in Missouri, Ohio, and Northern Ireland, MGP has the infrastructure and expertise to create on any scale.

MGP’s branded spirits portfolio covers a wide spectrum of brands in every segment, including iconic brands from Luxco, which was founded in 1958 by the Lux Family. Luxco is a leading producer, supplier, importer, and bottler of beverage alcohol products. Our branded spirits mission is to meet the needs and exceed the expectations of consumers, associates, and business partners. Luxco’s award-winning spirits portfolio includes well-known brands from four distilleries: Bardstown, Kentucky-based Lux Row Distillers, home of Ezra Brooks, Rebel, Blood Oath, David Nicholson and Daviess County; Lebanon, Kentucky-based Limestone Branch Distillery, maker of Yellowstone Kentucky Straight Bourbon Whiskey, Minor Case Straight Rye Whiskey and Bowling & Burch Gin; Jalisco, Mexico-based Destiladora González Lux, producer of 100% agave tequilas, El Mayor, Exotico and Dos Primos; and the historic Ross & Squibb