Cal-Maine Invests in Crepini to Expand into Ready-to-Eat Foods
Cal-Maine, the largest U.S. egg producer, has announced a majority stake in wrap and crepe maker Crepini as part of a new joint venture. This move signals the company’s strategic shift towards ready-to-eat and prepared foods.
The joint venture, named Crepini Foods and headquartered in Hopewell Junction, New York, will see Cal-Maine holding a 51% stake. The company plans to invest $6.75 million in additional equipment and assets to support this new venture.
Crepini, known for its egg wraps and other low-carb, keto-friendly products, was founded in 2007. The company’s offerings also include protein pancakes and wrap-ups, catering to the growing demand for convenient and healthy food options.
Strategic Expansion into Value-Added Foods
Cal-Maine’s investment in Crepini reflects a broader trend among meat and poultry industry players towards expanding into value-added foods. This shift is driven by the increasing consumer preference for convenient and high-quality frozen meal options.
Egg products, including liquid and frozen forms, accounted for 3.8% of Cal-Maine’s revenue in fiscal 2024. The company’s partnership with Crepini aligns with its growth strategy to focus on value-added products and explore new opportunities in the egg product market.
Cal-Maine’s President and CEO, Sherman Miller, emphasized the company’s ability to leverage its scale and customer relationships to drive growth in the egg products segment. Previous expansions into prepared foods and foodservice, such as the MeadowCreek Food joint venture, have paved the way for Cal-Maine to tap into new market segments.
Acquisitions and investments have been key drivers of Cal-Maine’s growth strategy, with the recent purchase of competitor ISE America marking the company’s 25th acquisition since its inception in 1989.