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Cal-Maine Foods has completed a strategic investment with Crepini, establishing a new egg products and prepared foods joint venture.
Founded in 2007, Crepini is a US- and Mexico-based manufacturer of egg wraps, protein pancakes and crepes. The new entity, located in New York, US, will operate as Crepini Foods.
Cal-Maine Foods will inject around $6.75 million into the JV – enabling Crepini to purchase additional equipment and other assets and fund working capital – in exchange for a 51% interest in the new venture. Crepini will contribute its existing assets and business in exchange for a 49% interest in the new venture.
Sherman Miller, president and chief executive officer of Cal-Maine Foods, said: “We are pleased to announce our strategic investment in Crepini, which aligns with our growth strategy to enhance our product portfolio and focus on value-added products and other egg product opportunities. 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.”
Miller continued: “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. As consumer demand for affordable protein options, including egg products, continues to grow, Cal-Maine Foods is well positioned to meet this demand.”
“We have a proven ability to drive value from our other strategic investments and believe there are significant opportunities to use our scale and established customer relationships to further expand our egg products business. We look forward to working with the Crepini team as we extend our leadership role in supporting the nation’s food supply with a differentiated product mix.”
Crepini’s CEO Paula Rimer Shkolnik commented: “The Crepini team is looking forward to expanding our brand and offerings. We are excited to join the Cal-Maine Foods family, whose leadership team shares our values and approach to excellence. This partnership will allow us to make our products available to more national and international customers and continue to provide innovations in the egg speciality products category.”
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Top image: ©Crepini
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