Cal-Maine Foods to Acquire Echo Lake Foods
Cal-Maine Foods, Inc. has entered into a definitive agreement to acquire Echo Lake Foods, Inc.
Cal-Maine signed a definitive agreement to acquire Echo Lake Foods for approximately $258 million, excluding expected tax assets resulting from the transaction, to be funded with available cash on hand.
Echo Lake Foods was founded in 1941 and acquired by the Meinerz family in 1981. Based in Burlington, Wis., The company produces, packages, markets and distributes ready-to-eat egg products and breakfast foods, including waffles, pancakes, scrambled eggs, frozen cooked omelets, egg patties, toast and diced eggs. It had annual revenues of approximately $240 million in 2024 with a five-year CAGR of approximately 10%. The transaction has been approved by both companies’ boards of directors and is expected to close by the end of fiscal 2025 following completion of regulatory approvals and subject to customary closing conditions. The transaction is not subject to shareholder approval.
Compelling Strategic Rationale
- Allows Cal-Maine Foods to enter the large, growing and highly stable value-added food portion of the egg category
- Expands strategic customer relationships with retail, quick service restaurant and other foodservice customers
- Leverages Cal-Maine Foods’ extensive sales and supply chain distribution capabilities
- Echo Lake Foods will operate as a stand-alone component of Cal-Maine Foods’ integrated operations with its four production facilities strategically located across the Midwest
- Kathy Brodhagen, current chief executive officer of Echo Lake Foods, to join Cal-Maine Foods’ senior management team as President of Echo Lake Foods
Commenting on the proposed transaction with Echo Lake Foods, Sherman Miller, president and chief executive officer of Cal-Maine Foods, stated, “This transaction represents an exciting growth opportunity and important inflection point for Cal-Maine Foods, advancing our strategy to expand and diversify our product portfolio and customer mix. Echo Lake Foods is a leading innovator with a long history of providing quality ready-to-eat egg products and breakfast foods to a blue-chip customer base. The combined product lines and capabilities of the two companies are highly complementary and, importantly, we share similar values of pursuing operating excellence and meeting the needs of our customers. We believe the potential acquisition of Echo Lake Foods meets our disciplined set of investment criteria, including relevant geographic markets, operating synergies, product mix, proximity to customers and expected financial returns.
“The addition of Echo Lake Foods will supplement our other ready-to-eat egg product offerings, including hard-cooked eggs for retail, quick service restaurant and other foodservice needs from our expanded MeadowCreek Foods operation, and ready-to-eat egg products including egg wraps, protein pancakes, crepes, and wrap-ups from our joint venture with Crepini Foods LLC. Importantly, diversifying our product portfolio offers a strong, high-return potential that complements our existing organic growth opportunities. The Echo Lake Foods team has built a terrific business, and we look forward to working together on a successful integration and delivering on a unique opportunity for our customers and shareholders,” added Miller.
Brodhagen added, “We are excited to have the opportunity for Echo Lake Foods to join Cal-Maine Foods and continue to expand our market reach for quality ready-to-eat egg products and breakfast foods. This business combination will benefit everyone associated with Echo Lake Foods, especially our dedicated employees and valued customers. As the leading producer and distributor of fresh shell eggs in the nation, Cal-Maine Foods has an excellent reputation with a proven record of success. We are extremely proud to join their team, and we look forward to the significant growth opportunities ahead of us.”
Goldman Sachs & Co LLC is serving as Cal-Maine Foods, Inc.’s exclusive financial advisor while Sidley Austin LLP and Jones Walker LLP are serving as its legal advisors.
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ProAmpac Expands Dairy Packaging Portfolio
ProAmpac, a global leader in flexible packaging and material science, expands its dairy packaging portfolio with high-performance butter wraps, including its Butter Fresh Parchment and foil-paper-based options. Designed to protect butter, margarine, and other oil-based solid products, these wraps offer superior grease resistance and excellent dead-fold properties to maintain freshness and minimize air exposure.
“With Butter Fresh Parchment, we’re delivering a wax-free, PFAS-free solution with excellent grease resistance and designed for compostability,” said Jim Tierney, vice president of product development at ProAmpac. “Paired with our durable foil-paper-based wrap, these solutions ensure efficient processing and premium product presentation.”
ProAmpac’s foil-paper wrap offers an excellent grease barrier and UV protection to preserve product integrity. It is designed for high-speed processing, with embossing that enhances runnability, adds texture, and improves dead-fold performance. The product is also designed with a strong bond to resist delamination and curling.
Beyond butter wraps, ProAmpac provides a full range of dairy packaging, including lidding solutions, cheese packaging, and spouted yogurt pouches. PRO-FLEX® films meet the needs of natural chunk, retail shred, and institutional shred cheese markets.
Committed to sustainability and innovation, ProAmpac continues to develop flexible packaging solutions for the dairy industry. For more information, please contact Marketing@ProAmpac.com or visit ProAmpac.com.
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Parmigiano Reggiano Serves Fun at Miami Open
Parmigiano Reggiano, one of the globe’s most beloved Italian imports, will serve as a first-time, official sponsor of the Miami Open presented by Itaú. Attendees at the annual tennis tournament, which kicks off on March 16 and concludes March 30, can indulge in the Italian cheese courtside and interact with the brand via a series of activations.
“We are delighted to partner with the Miami Open, one of the world’s most prestigious tennis tournaments. Both Parmigiano Reggiano and the Open share the same values of excellence, passion, and well-being,” says Parmigiano Reggiano Chief Marketing Officer Carmine Forbuso. “The U.S. is Parmigiano Reggiano’s largest export market, with an export share of 22 percent – amounting to more than 16,000 tons exported in 2024 – with a daily growing demand from consumers who appreciate high-quality, authentic products.
“We believe the Miami Open is an ideal platform to tell our story and showcase what makes Parmigiano Reggiano unique. We see this as more than a sponsorship, but rather a way to truly connect with both longtime and uninitiated American consumers.”
As the exclusive cheese sponsor at this year’s Miami Open, the brand aims to enhance the fan experience by widely showcasing the DOP product in suite menu packages and concessions – offering both traditional dishes and novel creations such as Parmigiano Reggiano Popsicles. Entire cheese wheels, engraved with the Miami Open logo, will also be on display throughout the tournament, most notably in the Player’s Club.
In addition, the brand will present an array of opportunities for spectators to engage with the brand during the two-week tournament. March 21 will mark Parmigiano Reggiano Day at the stadium, during which celebrity chef David Rocco will put fans to the test with a Parmigiano Reggiano Pronunciation Challenge, quizzing them on the correct pronunciation of the notoriously tricky name of the cheese. Winners will receive Parmigiano Reggiano and additional merchandise.
The lighthearted campaign hopes to bolster the identity of genuine Parmigiano Reggiano, often confused with Italian-sounding hard cheeses and imitators. The activation will also host a crowd-pleasing wheel cracking.
The sponsorship will include social and digital integrations across the tournament, specifically videoboard promotions; visible signage broadcast integration of the Tennis Channel; and dedicated creative within media platforms, social media and in the stadium. The brand will also host media guests, trade partners and retailers throughout tournament sessions.
The Miami Open presented by Itaú attracts nearly 400,000 fans annually to Hard Rock Stadium in Miami Gardens. Founded in 1985, the 15-day event is a 1000-level tournament on both the men’s ATP and women’s WTA tours.
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