MGP is known to many as the base spirit supplier to a wide range of well-established brands and up-and-coming craft players alike. The reasons for buying spirit from MGP vary: some distilleries don’t want to make their own spirit, some are waiting for their distillery to be built, and some are waiting for their already in-house made white whiskey to age.

This has all been a nice cash cow for the Indiana-based industrial distillery, but as more and more of its clients come online with their own product and facilities, could its fortunes change? That’s one possibility from a new report just put out by Spruce Point Capital, a New York-based investment management firm.

This new report, which we’ve embedded at the end of this article for your consideration, takes a big swipe at the long-term viability of MGP’s fortunes in the whiskey industry. And, for that matter, it takes a swipe at the viability of the whiskey industry as a whole given the rapid entry of distilleries into the marketplace. This is a super thick report, so we’ve pulled from it the “quick highlights” as spelled out by Spruce Point: