USA: Cal-Maine Foods announces joint venture with Crepini

US egg producer Cal-Maine Foods has announced it has made a strategic investment in Crepini, establishing a new egg and prepared foods joint venture.

Crepini produces egg wraps, protein pancakes, crepes and wraps that are retailed in over 3,500 stores in the US and Mexico.

Cal-Maine Foods will capitalize Crepini with approximately $6.75 million in cash to purchase equipment and other assets and fund working capital in exchange for a 51% interest in the new venture, whereas 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”.

Paula Rimer Shkolnik, chief executive officer of Crepini, added: “This partnership will allow us to make our products available to more national and international customers and continue to provide innovations in the egg specialty products category.”

The new venture, based in New York, will operate as Crepini Foods.

Source: Cal-Maine Foods