Cal-Maine Foods (NASDAQ:CALM), the largest producer and distributor of fresh shell eggs in the United States, finalized a significant expansion of its Midwest operations on Monday.
The company acquired the shell egg, egg products, and prepared foods assets of Warsaw, Indiana-based Creighton Brothers and Crystal Lake for approximately $128.5 million in an all-cash transaction.
The deal significantly scales Cal-Maine’s production capabilities, adding approximately 3.2 million laying hens to its fleet—including 500,000 cage-free hens—along with 865,000 pullets and a dedicated feed mill.
Beyond raw production, the acquisition includes a specialized egg products and hard-cooked processing facility, allowing Cal-Maine to internalize its sourcing for liquid eggs used in its rapidly growing prepared foods division.
This acquisition is the latest in a series of "bolt-on" deals intended to reduce Cal-Maine's exposure to the volatile price swings of the conventional shell egg market.
By acquiring Crystal Lake's assets, Cal-Maine gains advanced processing capabilities for liquid, frozen, and pre-cooked egg products, such as omelets and egg patties.
These "value-added" offerings have become a primary growth engine for the company; in the first half of fiscal 2026, prepared foods sales surged over 700% following the 2025 integration of Echo Lake Foods.
The $128.5 million purchase price was funded entirely through available cash on hand.
Cal-Maine maintains one of the strongest balance sheets in the agricultural sector, reporting approximately $1.1 billion in cash and zero long-term debt as of its most recent quarterly filing.
The company expects to fully integrate the 177 employees from Creighton Brothers and Crystal Lake into its national operations immediately.