USA – MGP Ingredients, Inc. has announced that Martin Roper has been elected as the chairman of the board of directors, just a little over a month after Roper joined the board.

Roper is the chief executive officer and a board member of Vita Coco Co. He also serves on the board of Fintech, a provider of solutions for beverage alcohol retailers and distributors.

Previously, he was the CEO of The Boston Beer Company and served on its board of directors, as well as on the boards of LL Flooring Holdings, Inc. and Bio-Nutritional Research Group, Inc.

“Martin’s appointment comes at a critical juncture for the company as we continue our evolution into a premier branded spirits organization. His deep industry expertise, fresh perspective, and strong track record of value creation in the public markets will be highly valuable as MGP enters its next phase of growth,” said Brandon Gall, interim president, chief executive officer, and chief financial officer.

In addition to Roper’s appointment, the board has named Jennifer Lowry as the chair of the Audit Committee, Todd Siwak as the chair of the Nominating and Governance Committee, and Tom Gerke as the chair of the Human Resources and Compensation Committee.

“It’s an honor to take on the role of Chairman at such a dynamic time for MGP,” said Roper. He expressed his commitment to advancing the company’s strategic priorities and enhancing shareholder value.

For the first quarter ending March 31, MGP Ingredients experienced a net loss of US$2.99M, and recorded total sales amounting to US$121.65M, a decline of 29% from US$170.65M in the previous year.

Within the company’s Ingredients Solutions segment, gross profits fell sharply, and sales dropped by more than a quarter during the three-month period.

The gross profit for this segment was US$2.45M, down 60% from US$6.18M a year earlier, while sales decreased to US$26.48M, a 26% drop from US$35.57M in the same quarter last year.

Mark Davidson, the vice president and corporate controller, stated that the decline in sales was primarily driven by reduced sales of specialty wheat starches and a less favourable net price mix for specialty wheat proteins.

Following the announcement of the financial results on May 1, shares of MGP Ingredients increased by US$1.40, or 4.8%, closing at US$30.87.

Additionally, the company stated that it successfully expanded its credit facility from US$400M to US$500M on April 24, extending the maturity to 2030.

MGP Ingredients, Inc. is an American producer of distilled spirits and food ingredients, headquartered in Atchison, Kansas. MGP is a leading producer of plant-based protein, and in 2021, it was ranked 31st on FoodTalks’s Global Top Plant Protein Companies list.

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