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  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-01-12 00:00:00",
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  "pageNumber": 17,
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  "notes": "The slide uses a 'villain' framing by highlighting the age and operational risks of the company's core assets to undermine its valuation.",
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      "kind": "callout",
      "text": "New and modern distillery capacity is rapidly entering the market while MGPI's old assets are currently trading at a historic valuation multiple near 6x book value!",
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      "text": "Close-up view of Atchinson facility",
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      "text": "Aerial view of Lawrenceburg distillery",
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      "text": "Both of MGPI's assets are old and prone to operational disasters. In particular, MGPI is promoting its ability to leverage its Lawrenceburg distillery to gain share in the premium spirits market with a focus on whiskey and bourbon. The facility has a long history and was established in 1857 as the Rossville Union Distillery. Seagram and Sons acquired it in 1933. When Seagram's folded in 2000, Diageo and Pernod Ricard split the beverage division, with Pernod taking the Lawrenceburg facility. Pernod sold it to CL Financial in 2007 to form LDI. MGPI acquired LDI in October 2011 for the announced sum of $15m, although the actual payment was just $10.9m according to the 10-K. New and modern distillery capacity is rapidly entering the market while MGPI's old assets are currently trading at a historic valuation multiple near 6x book value!",
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      "text": "Atchinson, Kansas; Opened in 1941; Products: Distilled Alcohol and Food Ingredients",
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      "text": "Lawrenceburg, Indiana; Founded in 1847; Products: Premium spirits distilled",
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      "kind": "title",
      "text": "Overview of MGPI's Old and Aging Assets",
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