MGP Ingredients is a Kansas-based spirits and specialty food ingredients company operating across three businesses. The largest business is branded spirits, which sells whiskey and tequila brands — including Penelope Bourbon, Yellowstone Bourbon, Rebel Bourbon, and El Mayor Tequila — to distributors, who then sell to retailers and on-premise accounts. MGP concentrates investment on its premium plus tier, which carries significantly higher margins than mid and value brands, and uses innovation (new SKUs, limited releases, and ready-to-pour cocktails) to drive brand-building. The second business, Distilling Solutions, produces bulk bourbon, rye, and other American whiskeys at distilleries in Lawrenceburg, Indiana and Bardstown, Kentucky, selling to other spirits brands — from large multinationals to craft distillers — who bottle and sell under their own labels. MGP also earns warehouse service fees for barrel storage on behalf of these customers. This segment is under significant pressure due to an industry-wide excess of whiskey inventory, which is weighing on both volume and pricing. The third business, Ingredient Solutions, processes wheat into specialty starches and proteins for food manufacturers — key products include Fibersym, an FDA-approved resistant wheat starch used by industrial bakers to lower net carbs, and Arise specialty wheat proteins used in baked goods. MGP's long-term goal is to become a premier branded spirits company, with the branded spirits segment serving as the primary growth engine.