The nation’s largest egg producer has acquired a frozen waffle and pancake brand from baked goods giant Sara Lee, company officials announced this week.
Cal-Maine said that the deal announced Tuesday includes the purchase of “certain assets” of the Van’s Foods brand from Sara Lee Frozen Bakery LLC. Van’s lineup of waffles and pancakes features gluten-free and “protein” varieties; Cal-Maine officials said that the company holds the leading market position in gluten-free waffles.
The Mississippi-based egg producer said that the deal is part of a broader effort to diversify its operations, particularly in the prepared foods market. It is also expected to increase its annual sales volume in prepared foods by about 10%.
Terms of the deal were not disclosed.
“Van’s is an exciting and highly complementary addition to our portfolio,” Cal-Maine President and CEO Sherman Miller said in a statement. “We believe this acquisition will further our diversification strategy by expanding our reach in prepared foods consumer-facing retail.”
Sara Lee leaders, meanwhile, said that the move would “sharpen our focus on our strong portfolio of core brands.”
“Making disciplined decisions about where we compete is part of how we build a better, more resilient business,” said Sara Lee Frozen Bakery CEO Peter Laport. “We are confident Van’s is going to the right home, with an attractive runway ahead, as Cal-Maine brings complementary capabilities to accelerate its growth.”
