Cal-Maine Foods, Inc. announced today the completion of a strategic investment with Crepini LLC, forming a new joint venture focused on egg products and prepared foods. Crepini LLC, established in 2007, has successfully expanded its brand across the U.S. and Mexico, offering egg wraps, protein pancakes, crepes, and wrap-ups, which are available online and in over 3,500 retail locations. The new joint venture, named Crepini Foods LLC (“Crepini”), will be based in Hopewell Junction, New York. Cal-Maine Foods will invest approximately $6.75 million in cash to acquire additional equipment, assets, and working capital, in return for a 51% ownership stake. Crepini LLC will contribute its current assets and operations for a 49% share in the new entity.
Sherman Miller, president and CEO of Cal-Maine Foods, Inc., remarked, “We are excited to announce our strategic investment in Crepini, which aligns with our strategy to expand our product portfolio with value-added offerings and explore new opportunities in egg products. Crepini’s established brand allows us to broaden our market reach to major retailers nationwide. This venture will complement our growing Meadowcreek operation, which produces hard-cooked eggs for institutional, food service, and retail customers. With increasing consumer demand for affordable protein options, including egg products, Cal-Maine Foods is well-positioned to meet that demand. We have successfully leveraged our previous investments and see tremendous potential to use our scale and customer network to grow our egg products business. We look forward to working closely with the Crepini team to enhance our role in supporting the nation’s food supply with a diverse product range.”
Paula Rimer Shkolnik, CEO of Crepini LLC, added, “The Crepini team is thrilled to expand our brand and product offerings through this partnership. Joining forces with Cal-Maine Foods, whose leadership shares our commitment to excellence, will enable us to reach more national and international customers and continue driving innovation in the specialty egg products category.”
About Cal-Maine Foods
Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packaging, marketing and distribution of fresh shell eggs, including conventional, cage-free, organic, brown, free-range, pasture-raised and nutritionally enhanced eggs. The Company, which is headquartered in Ridgeland, Mississippi, is the largest producer and distributor of fresh shell eggs in the nation and sells most of its shell eggs throughout the majority of the United States.
