Cal-Maine Foods Has Completed A Strategic Investment With Crepini, Establishing A New Egg Products And Prepared Foods Joint Venture; The New Entity, Will Operate As Crepini Foods. Cal-Maine Foods Will Capitalize Crepini With ~$6.75M In Cash To Purchase Additional Equipment And Other Assets And Fund Working Capital In Exchange For A 51% Interest In The New Venture

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 new venture.