ATCHISON, KAN. — MGP Ingredients, Inc., which was founded in 1941 as a small regional grain distillery and went public on the NASDAQ stock exchange as Midwest Grain Products, Inc. in October 1988, plans to rebrand as Sempreon. The transition is set to take effect Nov. 2, when the company will begin trading as CASK on the NASDAQ.
“Sempreon is the next chapter for a company that’s been building toward this for years,” said Julie Francis, president and chief executive officer of MGPI. “Since 1941, we’ve grown from a single distillery into a business spanning Branded Spirits, Distilling Solutions and Ingredient Solutions. This name brings all three of our businesses under one identity. As we enter this exciting new era, our strategy remains grounded in focus, disciplined execution and accountability. Sempreon brings that strategy to life through our commitment to the idea of ‘tradition looking forward,’ honoring everything we have built while continuing to evolve, innovate and create long-term growth and value.”
MGPI said “semper” is derived from the Latin word for “always,” representing the enduring foundation on which the company was built. Meanwhile, “avion” was drawn from the Greek word for “eternity” and reflects the company’s forward-looking vision for the future.
“Over the better part of the last century, our company has grown to represent much more than a single distillery, brand or category,” said Matias Bentel, chief marketing officer of MGPI. “Becoming Sempreon is about bringing our businesses together under a shared identity while honoring the legacy that built them. We’re carrying that legacy forward through the names of our distilleries, including MGP and Lux Row, while looking ahead to what’s next.”
The rebrand follows several milestones, including the 2021 acquisition of Luxco and the 2023 acquisition of Penelope Bourbon.
MGPI operates distilleries in Indiana and Kentucky, a tequila distillery in Arandas, Mexico, and bottling operations in Missouri, Ohio and Northern Ireland. The company produces spirits across its own portfolio of brands and for customers. In addition, the company’s specialty fiber, protein and starch ingredients provide functional, nutritional and sensory solutions for a wide range of food products.
In the most recent second quarter ended June 30, MGPI posted net income of $11.85 million, equal to 55¢ per share on the common stock, down 17% from $14.27 million, or 67¢ per share, in the same period a year ago. The second-quarter results compared favorably with substantial losses in each of the past two quarters, both of which incurred significant charges related to goodwill and indefinite-lived intangible asset impairments.
Adjusted EBITDA in the quarter was $27.61 million, down 23% from $35.89 million a year ago. Sales also were lower year over year, falling 15% to $124.36 million from $145.49 million.
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