Exhibit 99.1
-MORE-
Contacts:
Sherman Miller, President and CEO
Max P. Bowman, Vice President and CFO
(601) 948-6813
CAL-MAINE FOODS, INC. ANNOUNCES
STRATEGIC INVESTMENT IN NEW EGG PRODUCTS JOINT VENTURE
RIDGELAND, Miss.
(September 9,
2024)
—
Cal-Maine Foods,
Inc. (NASDAQ:
CALM) today
announced
that
it
has
completed
a
strategic
investment
with
Crepini
LLC,
establishing
a
new
egg
products
and
prepared foods
joint venture.
Crepini LLC,
founded in
2007, has
grown its
brand throughout
the United
States and Mexico featuring egg wraps,
protein pancakes, crepes, and wrap-ups, which are
now sold online
and in over 3,500 retail stores.
The
new
entity,
located
in
Hopewell
Junction,
New
York,
will
operate
as
Crepini
Foods
LLC
(“Crepini”). Cal-Maine Foods will
capitalize Crepini 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%
interest in the
Commenting
on
the
announcement,
Sherman
Miller,
president
and
chief
executive
officer
of
Cal-Maine
Foods,
Inc.,
stated,
“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.
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
derive 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.”
“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,”
said
Paula Rimer Shkolnik,
chief executive officer
of Crepini LLC.
“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.”
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.
About Crepini LLC
Crepini LLC
is an
innovator in
egg wraps
and products
from the
original Egg
Wrap that
is low
carb, low
calorie,
gluten
free
and
kosher
to
Protein
Cakes
with
veggies
and
cheese
which
are
high
in
protein
and
gluten free
to Pancheesi®
Protein pancakes
made with
cottage cheese,
eggs and
oats to
Wrap-ups filled
with protein powerhouses like salami, pepperoni, sausage, chorizo and a variety of cheeses. Crepini LLC is
headquartered in Hopewell Junction, NY, and sells in the continental U.S. and Mexico.