In 2019, Mike Paladini and his business partner Danny Polise were one year into their venture, Penelope Bourbon, when MGP—the Lawrenceburg, Indiana, supplier of the whiskey for their New Jersey-based non-distilling production operation—called with an unusual offer. Would the duo be interested in 24 barrels of experimental straight wheat whiskey, with a mashbill of 95% wheat and 5% malted barley, that had been laid down six years prior?
They’d always been “super close” with the folks at MGP Distillery, according to Penelope master blender Polise, and after an inventory system update, “that call came in from [MGP’s Ross & Squibb Distillery’s master blender] Sam Schmetlzer, and he said, ‘these barrels are cool; you should check them out.’ We got the samples and were 100% in,” recalls Polise.
One problem: “We didn’t have any money,” laughs Paladini.
“The cost was $25,000 or $30,000 for the 24 barrels, our bank account only had a few thousand more than that, but we needed that money for our core product inventory,” says Paladini. So the co-founders sat in Paladini’s kitchen one night, and tasted through the offered samples again.
“You’ve got a legacy master distiller [from MGP], experimenting with a mashbill, and these are the only barrels that resulted. That’s special itself, but they also tasted damn good,” says Polise. Without a use in mind but zealously “infatuated with these barrels” due to the flavor, Polise said they mulled options.
Taking a Gamble on Penelope Founders Reserve
In the end, Paladini made the argument Penelope had to buy the parcel using a baseball ticket analogy. “My dad taught me that if someone offers you Yankee tickets, and you decline, chances are they’re not going to [offer them to] you first the next time,” Paladini chuckles. “This was MGP offering us the first serious thing of age and value. We didn’t want to say no.” Paladini asked his brother for a loan, which he was granted, “though he rolled his eyes and asked for interest,” Paladini laughs.
Still, it was so dicey, Polise literally lost sleep over the purchase. “Penelope was growing so fast, without outside investors, and we were always strapped for cash, so I worried,” Polise admits. “We knew it was special. And I give Mike credit; he really pushed to find the money and buy the barrels.”
(In 2023, MGP acquired Penelope Bourbon for $105 million.)
Creating Penelope Founders Reserve
What should be done with the new wheated whiskeys? A debate ensued, where blending, single barrel releases, or batching were all discussed. In what he believes to be a nod of respect to the distillery, Polise didn’t want to blend them. “They actually didn’t taste better blended,” he says, noting myriad combos were tried. “They tasted best alone in their lots, and at cask strength. It worked out perfectly because this is how they’re meant to be. Choose your own destiny, and try all the variations of it.”
The final products are five 11 year old straight wheat whiskey lots that were released as part of the Penelope Bourbon Estate Collection in late 2024, at an SRP of $199 each. Each lot has a unique proof point:
- Lot B: 118.4 proof
- Lot C: 116.6 proof
- Lot D: 109.5 proof
- Lot E: 107.6 proof
- Lot F: 108.2 proof
Tasting Notes for Penelope Founders Reserve
We tried all five lots, finding each to be tremendously tasty. While each lot has bespoke tasting notes, overall, the mashbill presents with heavy caramelized sugar and vanilla notes, maple buttercream frosting, the right amount of tannins, and a lengthy sweet finish of crème brûlée that lingers without veering into cloying. However, Lots C and D are standouts, for enhanced viscosity, char, and toast levels present in the liquid. There’s something special that kept drawing us to those two lots.
Ask the co-founders which they prefer and Paladini echoes our findings, Lot C and Lot D. Polise’s favorite is mood-based. “Lot B is more fruity, and Lot F is darker, like chocolates. So it depends. Are you in the fruity mood? Do you want something lighter or darker?” Polise says, adding that if you’re somewhere in the middle, go with Lot D. “Lot D has good balance between cinnamon, classic vanilla, and butterscotch notes, but it's also got fruity citrus notes so if your mood is in the middle that day, if you’re not sure if you’re happy or sad, that’s the one,” Polise laughs.
What Happened to Lot A?
Lot A exists, though the barrel was never charred, meaning it would not even classify as wheated whiskey. “The category name on the label would’ve been a nightmare, and the liquid was flat,” Polise says, though the two have been toying with ideas on how to bring Lot A to life, through finishes or perhaps simply longer maturation. Polise points to prolonged aging’s positive effect on light whiskey. “Finding the 13 to 17 year sweet spot for light whiskey was crucial,” Polise says, “and now light whiskey is in a renaissance period. Lot A barrels may just need time to find their right age.”
A Sneak Peek at Penelope Bourbon’s 2025 Founders Reserve
Ask what’s next, and the two men lock eyes and wink. Egged on by Paladini, Polise produces a 200 ml sample bottle from his pocket, filled with deep amber liquid. “Try it right now,” Polise says, pouring some into our cup. “This is next year’s Founders Reserve.”
While some particulars are under wraps, we can share that it’s teenage liquid, from an undisclosed Kentucky distillery, with a custom mashbill that’s 78% corn, 10% rye, and 12% malted barley. We can also relay that it’s positively delicious. Expect a wider distribution of the 2025 Founders Reserve, too, to far more markets than before.
