Cal-Maine Foods, the country’s largest egg producer, bought a majority stake in Crepini LLC that will result in a new egg products and prepared foods joint venture to be called Crepini Foods LLC. It presumably will create egg wraps, protein pancakes, crepes and wrap-ups, which already are being sold online and in more than 3,500 retail stores.
The joint venture will be headquartered in Hopewell Junction, N.Y., where Crepini is located. Cal-Maine Foods will capitalize it with approximately $6.75 million in cash to purchase additional equipment and other assets and fund working capital in exchange for a 51% interest in the new venture. Crepini LLC will contribute its existing assets and business in exchange for a 49% stake.
The deal “aligns with our growth strategy to enhance our product portfolio and focus on value-added products and other egg product opportunities,” said Sherman Miller, president/CEO of Cal-Maine. “We have a unique opportunity to leverage the established Crepini brand of quality products and extend our market reach to major retailers across the country.
“This new venture will complement our other egg product offerings from our growing Meadowcreek operation, which offers hard-cooked eggs for institutional, food service and retail needs,” he continued. “As consumer demand for affordable protein options, including egg products, continues to grow, Cal-Maine Foods is well positioned to meet this demand.”
