ATCHISON, KAN. — MGP Ingredients, Inc., a company that originated in 1941 as a small regional grain distillery and later became publicly traded on the NASDAQ as Midwest Grain Products, Inc. in 1988, is undergoing a rebranding to Sempreon. The transition is scheduled to occur on November 2, with the company trading under the symbol CASK on the NASDAQ.
Julie Francis, the president and CEO of MGPI, expressed excitement about the rebrand, stating, “Sempreon marks a new chapter for our company that has been in the making for years. From our humble beginnings in 1941, we have expanded into Branded Spirits, Distilling Solutions, and Ingredient Solutions. This new name unites all three of our business segments under one cohesive identity. As we embark on this exciting journey, our core values of focus, discipline, and accountability remain unchanged. Sempreon embodies our commitment to honoring our past while continuously evolving, innovating, and creating sustainable growth and value for the future.”
The name “Sempreon” is derived from the Latin word “semper,” meaning “always,” symbolizing the enduring legacy of the company, and “avion” from the Greek word for “eternity,” representing the forward-thinking vision of the company.
Matias Bentel, the chief marketing officer of MGPI, emphasized the significance of the rebrand, stating, “Becoming Sempreon allows us to unite our diverse businesses under a shared identity while paying homage to the legacy that has shaped them. We are proud to carry this legacy forward through our distilleries, including MGP and Lux Row, while simultaneously looking ahead to the future.”
The rebranding comes after key milestones such as the acquisition of Luxco in 2021 and Penelope Bourbon in 2023.
MGPI operates distilleries in Indiana and Kentucky, a tequila distillery in Mexico, and bottling facilities in Missouri, Ohio, and Northern Ireland. The company not only produces spirits under its own brands but also provides specialty fiber, protein, and starch ingredients for a variety of food products.
In the recent second quarter ending June 30, MGPI reported a net income of $11.85 million, or 55¢ per share, a decrease from $14.27 million, or 67¢ per share, in the same period the previous year. Adjusted EBITDA for the quarter was $27.61 million, down 23% from the previous year, with sales also experiencing a 15% decline year over year.